<SEC-DOCUMENT>0000903423-17-000179.txt : 20170310
<SEC-HEADER>0000903423-17-000179.hdr.sgml : 20170310
<ACCEPTANCE-DATETIME>20170310085534
ACCESSION NUMBER:		0000903423-17-000179
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20170309
FILED AS OF DATE:		20170310
DATE AS OF CHANGE:		20170310

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:		17680313

	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>telecom6k_030917.htm
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Washington,
D.C. 20549</B></FONT></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
6-K</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Report
of Foreign Issuer</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Pursuant
to Rule 13a-16 or 15d-16</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>of
the Securities Exchange Act of 1934</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">For
the month of March 2017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Commission
File Number: 001-13464</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>Telecom
Argentina S.A.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Translation
of registrant&rsquo;s name into English)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Alicia
Moreau de Justo, No. 50, 1107</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Buenos
Aires, Argentina</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
of principal executive offices)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    20-F</FONT></TD>
    <TD STYLE="width: 14%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: black 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></P></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    40-F</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid"></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</FONT></TD>
    <TD STYLE="width: 14%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: black 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">
<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</FONT></TD>
    <TD STYLE="width: 14%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: black 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</FONT></TD>
    <TD STYLE="width: 14%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: black 0.5pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Telecom
Argentina S.A.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">TABLE
OF CONTENTS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Item</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>1.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Press
                                         Release: Telecom Argentina S.A. announces consolidated results for the annual period (&lsquo;FY16&rsquo;)
                                         and fourth quarter for fiscal year 2016 (&lsquo;4Q16&rsquo;)</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: right"><IMG SRC="roa4q16ing001.jpg" ALT="(GRUPO TELECOM LOGO)">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="color: #848684; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">FOR
IMMEDIATE RELEASE</FONT></P>

<P STYLE="color: #848684; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="color: #848684; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Market
Cap P$67.0 billion</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #848684"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">March
8, 2017</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #848684"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #848684"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Contacts:</FONT></P>

<P STYLE="color: #848684; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Pedro
Insussarry </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #848684"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Solange
Barthe Dennin </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #848684"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(54 11) 4968-3743/3752</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #848684"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 28.35pt; color: #4576D6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt"><B><U>Telecom
Argentina S.A.</U></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 28.35pt; color: #4576D6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt"><B>announces
consolidated results for the annual period (&lsquo;FY16&rsquo;) and <BR>
fourth quarter for fiscal year 2016 (&lsquo;4Q16&rsquo;)</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 28.35pt; color: #4576D6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #848684; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="roa4q16ing001a.jpg" ALT="(GRAPHIC)"></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Consolidated
Revenues amounted to P$53,240 million (+31.5% vs. FY15); Fixed Data +64.0% vs. FY15; Fixed Internet +31.6% vs. FY15; and Mobile
business in Argentina +26.8% vs. FY15.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7.05pt 0pt 0.25in; text-align: justify; text-indent: -0.25in; color: #848684"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #848684; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="roa4q16ing001a.jpg" ALT="(GRAPHIC)"></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Mobile
subscribers in Argentina reached 19.5 million in FY16.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7.05pt 0pt 0.25in; text-align: justify; text-indent: -0.25in; color: #848684"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #848684; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="roa4q16ing001a.jpg" ALT="(GRAPHIC)"></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Mobile
Value Added Services in Argentina (Internet and Data): +30.3% vs. FY15; 62.3% of Service Revenues.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7.05pt 0pt 0.25in; text-align: justify; text-indent: -0.25in; color: #848684"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #848684; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><IMG SRC="roa4q16ing001a.jpg" ALT="(GRAPHIC)"></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Mobile
ARPU in Argentina increased to P$112.3 per month in FY16 (+22.7% vs. FY15).</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7.05pt 0pt 0.25in; text-align: justify; text-indent: -0.25in; color: #848684"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #848684; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><IMG SRC="roa4q16ing001a.jpg" ALT="(GRAPHIC)"></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ADSL
ARPU increased to P$270.9 per month in FY16 (+30.6% vs. FY15); monthly churn reached 1.7% in FY16.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7.05pt 0pt 0.25in; text-align: justify; text-indent: -0.25in; color: #848684"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #848684; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><IMG SRC="roa4q16ing001a.jpg" ALT="(GRAPHIC)"></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Consolidated
Operating costs -including D&amp;A and Results on write-down of PP&amp;E- totaled P$45,480 million (+32.6% vs. FY15).</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7.05pt 0pt 0.25in; text-align: justify; text-indent: -0.25in; color: #848684"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #848684; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><IMG SRC="roa4q16ing001a.jpg" ALT="(GRAPHIC)"></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Operating
Income Before Depreciation and Amortization reached P$14,424 million (+32.7% vs. FY15), 27.1% of consolidated revenues, continuing
with the improvement in margins. In 4Q16 EBITDA margin represented 29.2% vs. 26.9% in 4Q15.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7.05pt 0pt 0.25in; text-align: justify; text-indent: -0.25in; color: #848684"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #848684; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><IMG SRC="roa4q16ing001a.jpg" ALT="(GRAPHIC)"></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net
Income amounted to P$4,005 million (+16.6% vs. FY15). Net Income attributable to Telecom Argentina amounted to P$3,975 million
(+16.8% vs. FY15). Net Income was influenced by higher depreciation and amortization costs due to higher Capex.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7.05pt 0pt 0.25in; text-align: justify; text-indent: -0.25in; color: #848684"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #848684; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><IMG SRC="roa4q16ing001a.jpg" ALT="(GRAPHIC)"></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Capex
increased to P$11,386 million in FY16 (+45.2% vs. FY15, excluding the spectrum payment performed in 2Q15), equivalent to 21.4%
of Consolidated Revenues.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7.05pt 0pt 0.25in; text-align: justify; text-indent: -0.25in; color: #848684"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #848684; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><IMG SRC="roa4q16ing001a.jpg" ALT="(GRAPHIC)"></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net
Financial Debt: P$5,892 million, an increase of P$3,615 million vs. FY15, after Telecom Argentina&acute;s cash dividend distribution
during 2016 and higher payments of Capex.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7.05pt 0pt 0.25in; text-align: justify; text-indent: -0.25in; color: #848684">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7.05pt 0pt 0.25in; text-align: justify; text-indent: -0.25in; color: #848684"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 97%; font: 8pt Arial, Helvetica, Sans-Serif;margin-left:3%">
<TR STYLE="background-color: rgb(49,56,90)">
    <TD><FONT STYLE="color: White"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: White"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: White"><B>As of December, 31</B></FONT></TD>
    <TD COLSPAN="8" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD><FONT STYLE="color: White"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(49,56,90)">
    <TD STYLE="text-align: center"><P STYLE="margin: 0pt 0; text-align: right"><FONT STYLE="color: White"><B><I>(in million P$,
                                   except where noted)</I></B></FONT></P>


</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: White"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: White"><B>2016</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: White"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: White"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: White"><B>2015</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: White"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: White"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: White"><B>&Delta; $</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: White"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: White"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: White"><B>&Delta; %</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: White"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="width: 48%; text-align: left"><FONT STYLE="color: #848684">Consolidated Revenues</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="color: #848684">53,240</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="color: #848684">40,496</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="color: #848684">12,744</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="color: #848684">31.5</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="color: #848684">Mobile Services</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">38,226</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">29,760</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">8,466</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">28.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="color: #848684">Fixed Services</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">15,014</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">10,736</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">4,278</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">39.8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">Operating Income before D&amp;A</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">14,424</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">10,866</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">3,558</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">32.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">Operating Income</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">7,843</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">6,229</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">1,614</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">25.9</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">Net Income attributable to Telecom Argentina</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">3,975</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">3,403</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">572</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">16.8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">Shareholders&rsquo; equity attributable to Telecom Argentina</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">19,336</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">17,194</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">2,142</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">12.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">Net Financial Position - (Debt) / Cash</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">(5,892</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">)</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">(2,277</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">)</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">(3,615</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">)</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">158.8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">CAPEX (excluding spectrum)</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">11,386</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">7,844</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">3,542</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">45.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">Fixed lines in service (in thousand lines)</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">3,920</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">4,043</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">(123</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">)</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">-3.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">Mobile customers (in thousand)</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">22,052</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">22,201</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">(149</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">)</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">-0.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="color: #848684">Personal (Argentina)</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">19,514</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">19,656</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">(142</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">)</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">-0.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="color: #848684">N&uacute;cleo (Paraguay) -including Wimax customers-</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">2,538</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">2,546</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">(8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">)</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">-0.3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">Broadband accesses (in thousand)</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">1,738</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">1,814</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">(76</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">)</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">-4.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">Average Billing per user (ARBU) Fixed Telephony / voice (in P$)</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">97.9</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">67.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">30.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">44.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">Average Revenue per user (ARPU) Mobile Services in Arg. (in P$)</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">112.3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">91.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">20.8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">22.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">Average Revenue per user (ARPU) ADSL (in P$)</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">270.9</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">207.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">63.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #848684">30.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">%</FONT></TD></TR>
</TABLE>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: right"><IMG SRC="roa4q16ing001.jpg" ALT="(GRUPO TELECOM LOGO)">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7.05pt 0pt 0.25in; text-align: justify; text-indent: -0.25in; color: #848684"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7.1pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5"><I>Buenos
Aires, March 8, 2017 </I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">- Telecom Argentina (&lsquo;Telecom&rsquo;)
- (NYSE: TEO; BASE: TECO2), one of Argentina&rsquo;s leading telecommunications companies, announced today a Net Income of P$4,005 million
for the annual period <FONT STYLE="font-size: 10pt">ended December 31, 2016</FONT>, or +16.6% when compared to FY15. Net income
attributable to Telecom Argentina amounted to P$3,975 million (+16.8% vs. FY15). </FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="background-color: rgb(49,56,90)">
    <TD><FONT STYLE="color: White">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: White">FY16</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: White">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: White">FY15</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: White">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: White">&Delta; $</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: White">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: White">&Delta; %</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: White">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; text-align: left"><FONT STYLE="color: #848684">Consolidated Revenues (MMP$)</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: center"><FONT STYLE="color: #848684">53,240</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: center"><FONT STYLE="color: #848684">40,496</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: center"><FONT STYLE="color: #848684">12,744</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: center"><FONT STYLE="color: #848684">31.5%</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">Net Income attributable to Telecom Argentina(MMP$)</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">3,975</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">3,403</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">572</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">16.8%</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">Earnings attributable to Telecom per Share (P$)</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">4.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">3.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">0.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">Earnings attributable to Telecom per ADR (P$)</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">20.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">17.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">2.9</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">Operating Income before D&amp;A *</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">27.1%</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">26.8%</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">Operating Income *</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">14.7%</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">15.4%</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="color: #848684">Net Income*</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">7.5%</FONT></TD><TD STYLE="text-align: left"></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">8.5%</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="text-align: left"><FONT STYLE="color: #848684">*As a percentage of Consolidated Revenues</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: #848684">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="16" STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;&nbsp;Note: The average of ordinary shares outstanding amounted
    to 969,159,605.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #848684">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7.1pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #848684; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">During
FY16, Consolidated Revenues increased by 31.5% to P$53,240 million (+P$12,744 million vs. FY15), mainly fueled by the Fixed Data
and Broadband businesses and Mobile Services. Moreover, Operating Income reached P$7,843 million (+P$1,614 million or +25.9% vs.
FY15). </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #848684; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:68%">
<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: left; color: #5279B5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><U>Consolidated
Operating Revenues</U></FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 141.7pt 0pt 0; text-align: justify; color: #5279B5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify; color: #5279B5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt"><I>Mobile
Services</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify; color: #5279B5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify; color: #848684"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
of December 31, 2016 clients with mobile services amounted to 22.1 million vs. 22.2 million as of FY15.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify; color: #848684"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify; color: #848684"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Third
parties Revenues amounted to P$38,226 million (+28.4% vs. FY15) as a result of the strategy that promotes the use of mobile internet
through a wide offer of 4G devices together with plans with higher volumes of data.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify; color: #848684"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; color: #5279B5; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; font-weight: normal"><I>Telecom
Personal in Argentina</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; color: #5279B5; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify; color: #848684"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
of December 31, 2016, Personal reached approximately 19.5 million subscribers in Argentina. Postpaid clients remain stable representing
33% of the subscriber base.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify; color: #848684"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify; color: #848684"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
FY16, third parties Revenues reached P$35,584 million (+P$7,530 million or +26.8% vs. FY15) while Service Revenues (excluding
sales of equipment and devices) amounted to P$28,049 million (+26.0% vs. FY15), with 62.3% corresponding to VAS revenues (vs.
60.2% in FY15). VAS revenues amounted to P$17,468 million (+30.3% vs. FY15). Moreover, handset sales reached P$7,535 million,
an increase of +30.0% vs. FY15, equivalent to 21.2% of total revenues.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify; color: #848684"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify; color: #848684"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Due
to a higher consumption of VAS, the average monthly revenue per user (&lsquo;ARPU&rsquo;) amounted to P$112.3 during FY16 (+22.7%
vs. FY15) due to higher data consumption.</FONT></P>
</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:30%">

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

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

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

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(82,121,181)"><B>Mobile
Customers &amp; Revenues in Argentina (in billion P$)</B></FONT><B>&nbsp;</B></P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify; color: #848684">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #848684"><IMG SRC="roa4q16ing002.jpg" ALT="(BAR CHART)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


</DIV>
<BR CLEAR="ALL"><P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center; color: rgb(132,134,132); font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right"><P STYLE="margin: 0pt 0; color: rgb(132,134,132); font: 10pt Arial, Helvetica, Sans-Serif"><B>www.telecom.com.ar</B></P></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><B>&nbsp;</B></P></DIV>
    <!-- Field: /Page -->



<P STYLE="margin: 0"><FONT STYLE="color: #848684">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: right">&nbsp;<IMG SRC="roa4q16ing001.jpg" ALT="(TELECOM)"></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="color: #848684"></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="color: #848684">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:68%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #5279B5"><I>Commercial
Initiatives</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">In
terms of infrastructure during the quarter, the Company continued with the evolution of services through the deployment of the
Personal 4G/LTE network at an unprecedented rhythm of execution. By the end of 2016, Personal reached 759 locations with coverage,
where every provincial capitals and the AMBA region were covered. Together with this, an innovative work of digital radio link
was inaugurated: the 4G Personal Service in La Quiaca, that allowed to connect La Quebrada de Humahuaca with broadband internet.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">With
the aim to promote the 4G experience among prepaid clients&rsquo;, Personal launched a disruptive offer that allows, through the
activation of internet on a daily basis, the unlimited usage of the instant messenger service &lsquo;Whatsapp&rsquo;.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">At
the same time, Personal continued to promote the upgrade of devices with discounts and special financing plans, such as the offer
presented during Mothers&rsquo; Day and the launch of new innovative handsets.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">As
part of the actions associated to youth, Personal and Huawei presented the &lsquo;Personal Fest 2016&rsquo;, the most important
music festival of Argentina, where 47.000 people enjoyed during 2 days music and outdoor entertainment, while more than 700.000
followed it via streaming.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Also,
with the aim of supporting the technological and innovative developments that are performed in the country, the Telecom Group
was the technological provider of &lsquo;Campus Party&rsquo; (Meeting of innovation, science, creativity and digital entrepreneurship).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #5279B5"><I>Telecom
Personal in Paraguay (&lsquo;N&uacute;cleo&rsquo;) </I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">As
of December 31, 2016, N&uacute;cleo&rsquo;s subscriber base surpassed 2.5 million clients. Prepaid and postpaid customers represented
82% and 18%, respectively.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">N&uacute;cleo
generated revenues from third parties equivalent to P$2,642 million during FY16 (+54.9% vs. FY15). Value Added Services (&ldquo;VAS&rdquo;)
revenues amounted to P$1,407 million (+59.9% vs. FY15) representing 59.1% of FY16 service revenues (vs. 56.9% in FY15). The evolution
of N&uacute;cleo&rsquo;s sales measured in pesos was influenced by the appreciation of the Guarani with respect to the Peso.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #5279B5"><I>Fixed
Services (Voice, Data &amp; Internet) </I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">During
FY16, revenues generated by fixed services amounted to P$15,014 million, +39.8% vs. FY15; with Data revenues (+64.0% vs. FY15)
and Internet (+31.6% vs. FY15) growing the most in the segment.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #5279B5"><I>Voice
</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Total
service revenues reached P$6,010 million in FY16 (+38.5% vs. FY15). This increase combines price increases in the corporate segment
in February and September 2016 as well as in the retail segment, which became effective as of May 2016.</FONT></P>
</div>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:30%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.10in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #5279B5"><B>Mobile
consumption of Telecom Personal in Argentina</B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;<IMG SRC="roa4q16ing003.jpg" ALT="BAR CHART"></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.10in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #848684"><I>(*)
Includes reestimation of consumption of minutes and SMS per client</I></FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.10in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #5279B5"><B>Lines
in service &amp; Fixed Voice Revenues (in billion P$)</B></FONT>&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;<IMG SRC="roa4q16ing004.jpg" ALT="BAR CHART"></P>
</div>
<BR CLEAR="ALL"><BR>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 3 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 30%">&nbsp;<IMG SRC="roa4q16ing001.jpg" ALT="(TELECOM)"></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:68%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">As
a result of these increases, the average monthly revenue billed per user (&lsquo;ARBU&rsquo;) reached P$97.9 in FY16, +44.6% vs.
FY15.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Revenues
generated by measured services totaled P$2,073 million, an increase of P$273 million or +15.2% vs. FY15 mainly due to a higher
penetration of convergent plans that include domestic calls to fixed lines and mobile customers of Personal&rsquo;s.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Monthly
charges and supplementary services reached P$2,480 million, an increase of P$1,074 million or +76.4% vs. FY15 due to the above
mentioned price increases.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Fixed
and mobile interconnection revenues amounted to P$845 million (+22.6% vs. FY15). Meanwhile, other revenues totaled P$612 million
(+37.8% vs. FY15). Both revenue lines were affected by price increases in rental of spaces and links, related to the FX variation
as these services are denominated in foreign currency.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #5279B5"><I>Data
and Internet</I></FONT></p>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Data
service revenues (services mainly offered to the Corporate and Government segments) amounted to P$2,919 million (+P$1,139 million
or +64.0% vs. FY15), gaining weight over total revenues of the fixed service and strengthening the position of Telecom as an integrated
ICT provider (Datacenter, VPN, among others). This increase was mainly due to the FX rate variations that affected these contracts
that are adjusted by the $/U$S exchange rate.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">In
line with the convergent proposal of services and positioning Telecom as a business solutions provider, an offer that combines
connectivity and mobility together with domestic calls to fixed lines and mobile customers of Personal for the corporate segment
was launched.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">In
parallel, Telecom and Microstrategy (a leading Company in Business Intelligence for all Companies and industries in the market)
reached an agreement to offer Business Intelligence services housed at <I>&lsquo;Telecom&rsquo;s Cloud&rsquo;</I>. This solution
offers the possibility to hire the service without investing in IT infrastructure and software licenses through the <I>Cloud</I>
modality.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Internet
Service revenues totaled P$5,994 million (+P$1,438 million or +31.6% vs. FY15), mainly due to a commercial offer with higher speeds,
where 6Mb and 10Mb lead the clients&rsquo; preference. In addition, 10Mb or <I>Ultraboradband </I>(UBB) subscriber base reached
36% of the customer base vs. 27% in FY15.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">As
of December 31, 2016, the subscriber base amounted to 1.7 million ADSL accesses representing 44.3% of Telecom&rsquo;s fixed lines
in service. In addition, ADSL ARPU reached P$270.9 in FY16, +30.6% when compared to FY15.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Positioning
the Company as an integrated service operator, the first convergent offer was presented, with Arnet at home and Personal in mobility,
with the aim of satisfying the connectivity needs of the entire family. The proposal includes, apart from fixed and mobile broadband,
unlimited calls to fixed lines and mobile customers of Personal throughout the country.</FONT></P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.10in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #5279B5"><B>Broadband
Acceses &amp; Revenues </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
<IMG SRC="roa4q16ing005.jpg" ALT="(BAR CHART)"><BR>

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


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







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<P STYLE="margin: 0; text-align: left">&nbsp;</P>

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    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: right">&nbsp;<IMG SRC="roa4q16ing001.jpg" ALT="(GRUPO TELECOM LOGO)"></TD></TR>
</TABLE>
<P STYLE="margin: 0; text-align: left"></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #5279B5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Consolidated
Operating Costs</U></FONT></P>

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

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:68%">

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: gray">Consolidated
Operating Costs totaled P$45,480 million in FY16, an increase of P$11,169 million, or +32.6% vs. FY15 (including &lsquo;Results
of write-down of PP&amp;E&rsquo; that resulted in a loss of P$383 million in FY16 vs. a loss of P$199 million in FY15). This increase
in costs is mainly due to higher sales, the effect of a highly competitive environment in mobile and Internet business, the impact
of higher direct and indirect labor costs, the increase in fees for services related to the suppliers&rsquo; price adjustment,
and the increase in cost of handsets sold, among other cost items.</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
cost breakdown is as follows:</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-
Employee benefit expenses and severance payments totaled P$9,800 million (+35.1% vs. FY15), mainly affected by increases in salaries
to unionized as well as non-unionized employees together with the social security contributions associated to the collective bargaining
agreement set as of July 2016. Total employees at the end of the period amounted to 15,970.</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-
Interconnection costs and other telecommunication charges (including TLRD, Roaming, Interconnection, international settlement
charges and lease of circuits) amounted to P$2,553 million, +17.6% vs. FY15. This increase resulted from a higher volume of traffic
in international outbound calls together with costs related to TLRD and roaming.</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-
Fees for services, maintenance, materials and supplies amounted to P$5,006 million (+27.7% vs. FY15), mainly due to costs&rsquo;
increases as a consequence of FX variation in costs in foreign currency as well as costs in pesos due to higher costs recognized
to suppliers.</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-
Taxes and fees with regulatory authorities reached P$5,125 million (+30.0% vs. FY15), impacted mainly by higher revenues as well
as higher bank debit and credit taxes related to collection flows and suppliers payments and dividends paid during FY16 vs. FY15.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">- Commissions (Commissions paid
to agents, prepaid card commissions and others) totaled P$3,849 million (+20.5% vs. FY15), as a result of the increase in commissions
paid to commercial channels as well as collection fees, both associated to the increase in handset sales. Agent commissions capitalized
as SAC amounted to P$1,403 million (+19.7% vs. FY15).</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-
Cost of handsets sold totaled P$6,188 million (+34.7% vs. FY15), due to handsets sales with higher unit cost. Deferred costs from
SAC amounted to P$130 million (+39.8% vs. FY15).</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-
Advertising amounted to P$874 million (+7.4% vs. FY15) due to campaigns performed by Personal with the aim of promoting 4G services
in the country.</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-
Depreciation and Amortization reached P$6,198 million (+39.7% vs. FY15). PP&amp;E depreciation amounted to P$4,358 million (+42.7%
vs. FY15) resulting from the incorporation of assets related to the investment plan that the Group has been</FONT></P>

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

</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:30%">
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.10in; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5"><B>Consolidated
Costs </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5"><B>% Revenues</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: gray">&nbsp;<IMG SRC="roa4q16ing006.jpg" ALT="(BAR CHART)"></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.10in; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(*)
includes results of write-down of PP&amp;E</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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(in billion P$)</B></FONT></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5"><B>&nbsp;<IMG SRC="roa4q16ing007.jpg" ALT="(BAR CHART)"></B></FONT></FONT></P>
</DIV>
<BR CLEAR="ALL"><BR>
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<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: right">&nbsp;<IMG SRC="roa4q16ing001.jpg" ALT="(GRUPO TELECOM LOGO)"></TD></TR>
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<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<DIV STYLE="position: relative; float: left; width: 68%">

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">executing; amortization
of SAC and service connection costs totaled P$1,474 million (+41.1% vs. FY15) meanwhile, amortization of 3G/4G licenses amounted
P$338 million (+4.3% vs. FY15) and amortization of other intangible assets reached P$28 million (+21.7% vs. FY15).</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-
Other Costs totaled P$5,504 million (+45.3% vs. FY15). This increase was mainly due to VAS costs that totaled P$1,499 million
(+19.3% vs. FY15), related to the increase of sales of those services, mainly in the mobile segment. Bad debt expenses reached
P$1,228 million (+117.7% vs. FY15) mainly influenced by the financing plans for the sale of handsets in the mobile business. Bad
debt expenses represented 2.7% of consolidated costs and 2.3% of consolidated revenues.</FONT></P>

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

</DIV><BR CLEAR="ALL">
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; color: #5279B5; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><U>Consolidated
Financial Results</U></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<DIV STYLE="position: relative; float: left; width: 68%">
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net Financial Results amounted
to a loss of P$2,244 million, a variation of P$1,142 million vs. FY15. This was mainly due to a higher debt position that generated
higher losses in net financial interests of P$1,483 million in FY16 (-P$957 million vs. FY15) and losses of FX results net of
NDF instruments for P$1,055 million in FY16 (vs. a loss of P$1,140 million in FY15) mainly due to the peso depreciation that occurred
in December 2015. Meanwhile, gains on mutual funds and other investments amounted to P$348 million (-P$253 million vs. FY15).</FONT></P>

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


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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #5279B5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Consolidated
Net Financial Position</U>&nbsp;</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
of December 31, 2016, Net Financial Position (Cash, Cash Equivalents and financial Investments minus Loans) resulted in a Debt
Position of P$5,892 million, a variation of P$3,615 million when compared to the Net Financial Position as of December 31, 2015,
after the </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">cash dividend payment of Telecom Argentina for an amount
of P$2,000 million distributed in May 2016 (P$700 million) and in August 2016 (P$1,300 million) and higher payments of capex.</FONT></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; color: #5279B5; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><U>Capital
Expenditures</U></FONT></P>

<P STYLE="font: 10pt/14pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">During FY16, the Company invested
P$11,386 million (+45.2% vs. FY15 without considering the spectrum payment of P$2,256 million occurred in 2Q15). Of this amount,
P$4,017 million was allocated to Fixed Services and P$7,369 million to Mobile services, focusing on improving network capacity
with the aim of enhancing the customer experience and quality of the current and future services. In relative terms, Capex reached
21.4% of consolidated revenues vs. 19.4% in FY15 without considering the payment of 4G licenses that was made during 2015.</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
principal investments of the Group are oriented to improve service quality and coverage. The constant investments in technology
is one of the main key strategic pillars and are specifically focused on the coverage and capacity of the infrastructure and new
service platforms to serve the increasing level of traffic and bandwidth generated by the consumption behavior of the customer
base. Moreover, in the mobile business, Personal continued with the network deployment with 4G technology in the country, covering
all the capital provinces, reaching 85% of coverage of population in those cities.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:30%"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; background-color: #31385A"><TD STYLE="width: 58%; color: Black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt; color: White">in million
    of P$</FONT></TD><TD STYLE="width: 1%; color: Black; font-weight: bold"><FONT STYLE="font-size: 8pt; color: White">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; color: Black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt; color: White">EE15</FONT></TD><TD STYLE="width: 1%; color: Black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt; color: White">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; color: Black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt; color: White">EE16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">Net Interests</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-$ 526</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-$ 1,483</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">Gains on Mutual Funds &amp; other inv.</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">$ 601</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">$ 348</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">FX results net of NDF instruments</FONT></TD><TD STYLE="color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-$ 1,140</FONT></TD><TD STYLE="color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-$ 1,055</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">Others</FONT></TD><TD STYLE="color: Black; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">-$ 37</FONT></TD><TD STYLE="color: Black; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">-$ 54</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; font-weight: bold"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="color: Black; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-$ 1,102</FONT></TD><TD STYLE="color: Black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-$ 2,244</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.10in"><FONT STYLE="color: #5279B5"><B>Net Financial Debt <BR>
(in billion
P$)</B></FONT></P>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: gray"><IMG SRC="roa4q16ing008.jpg" ALT="(BAR CHART)">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.10in"><FONT STYLE="color: #5279B5"><B>Capex (In billion P$) </B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: gray"><IMG SRC="roa4q16ing009.jpg" ALT="(BAR CHART)">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>
</DIV>
<BR CLEAR="ALL">

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

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<P STYLE="margin: 0; text-align: right">&nbsp;</P>

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

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    <TD STYLE="width: 68%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: right"><IMG SRC="roa4q16ing001.jpg" ALT="(TELECOM LOGO)">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 134.65pt 0pt 0; color: #3366FF; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; font-weight: normal"><U>Relevant
Matters</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal"><U>Loan
with the International Finance Corporation (IFC)</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">On
October 6, 2016 Personal and the IFC signed a loan agreement for an amount of U$S 400 million and for a six year period, payable
in 8 equal half-yearly installments commencing on the 30th month, at a 6 month LIBO rate plus 400bp spread. This loan was used
to deploy the 4G network and refinance short-term debt.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">On
October 26, 2016 Personal received the loan proceeds for an amount of U$S 392.5 million, net of expenses of U$S 7.5 million.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal"><U>Telecom
Personal Notes - Global Program and Series Issuance </U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">Personal&rsquo;s
Ordinary and Extraordinary Shareholders&rsquo; Meeting held on December 2, 2010 had approved the creation of a Medium Term Note
Program for a maximum circulation amount of U$S 500 million or its equivalent in other currencies, for a five year period. On October
13, 2011, the <I>Comisi&oacute;n Nacional de Valores</I> (&ldquo;CNV&rdquo;) had authorized the mentioned Program through Resolution
No. 16,670. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">Personal&rsquo;s
Ordinary Shareholders&rsquo; Meeting held on May 26, 2016 authorized to extend the due date of the Program and to expand the Program&rsquo;s
maximum circulation amount to U$S 1,000 million or its equivalent in other currencies. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">On
October 20, 2016, the CNV authorized the extension and expansion of the mentioned Program through Resolution No. 18,277. Under
the Program, Personal issued Series with the following terms and conditions: Series III, denominated in pesos at a floating rate
and with a maturity of 18 months from the date of issuance and settlement of November 16th, 2016, for a nominal value of $721,969,404;
and Series IV, denominated in US dollars, at a fixed rate and with a maturity of 24 months from the same date of issuance and settlement
as Series III, for a nominal value of U$S77,900,400.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">The
mentioned notes have a local risk rating issued by FIX SCR S.A. (Fitch Ratings) of &ldquo;AA+ (arg)&rdquo;, due to the credit quality
and financial strength of Personal.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">The
mentioned issuances intended to contribute to develop the local capital markets and are aimed to promote the retail market. The
proceeds from the issuance were applied, the refinancing of short-term debt.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal"><U>Mandatory
Public Tender Offer (&ldquo;OPA&rdquo;)</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">On
February 24, 2016, Telecom Argentina was notified by Fintech Telecom, LLC&rsquo;s of its intention to launch a Mandatory Public
Tender Offer (the &ldquo;OPA&rdquo;) for all Class B common shares of Telecom Argentina listed on the Buenos Aires Securities Market,
or Mercado de Valores de Buenos Aires S.A., resulting from a change of control event. On September 6, 2016, the CNV&rsquo;s Board
of Directors approved the terms of the OPA.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">On
November 7, 2016, Fintech informed the Company that, having ended the OPA&rsquo;s offers reception period in Argentina, a total
offer of 12,337,723 Class &ldquo;B&rdquo; shares were</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 68%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: right"><IMG SRC="roa4q16ing001.jpg" ALT="(TELECOM LOGO)">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">received and accepted, representing 1.253% of Telecom Argentina&rsquo;s total
capital. Simultaneously, Fintech had launched an OPA in the United States of America, where the offer period expired on November
23, 2016 and offers for 5,549,209 ADSs and 3,695 Class &ldquo;B&rdquo; shares were received and accepted.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 134.65pt 0pt 0; color: #3366FF; text-align: justify"><FONT STYLE="font-size: 18pt; font-weight: normal"><U>Other
Relevant Matters</U></FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 134.65pt 0pt 0; color: #3366FF; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal"><U>Decree
1,340/16 &ndash; Refarming</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">Decree
&#8470; 1,340/16, published in the Official Bulletin of January 2, 2017, introduced certain changes to Decree N&ordm; 267/15
and implemented basic rules to reach a higher level of convergence of networks and services, under a competitive
environment.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">Among
other matters the Decree establishes: -The limit term of 15 years for the protection of the last mile NGN networks used for broadband
services deploy by ICT licensees; -That the Ministry of Communications (&ldquo;MINCOM&rdquo;) and/or the Communication Entity (&ldquo;ENACOM&rdquo;)
will dictate the rules of administration, management and control of the radio electric spectrum; - That the Company, as well as
the rest of the operators included in Section 94 of the Argentine Digital Law, will be able to registered the Broadcasting services
via physical or radio electric links, as of the entry of force of the Decree, setting as the starting date for the provision of
the said service in the AMBA region, and in the cities of Rosario (Santa Fe province) and Cordoba (Cordoba Province), January 1,
2018. The Decree sets that the initial date for the rest of the country will be determined by the ENACOM.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal"><U>Resolution
5/2017</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">The
Ministry of the Interior, Public Works and Housing published in the Official Bulletin Resolution &#8470; 5/2017, where it established
the monthly rates in Argentine pesos for 2017 for the rent of terraces, ceilings, towers, lots or any other public buildings in
order to install antenna infrastructure, equipment and installations associated to telecommunication services, information technologies
and audiovisual communication. The objective is to unify the price according to the kind of antenna for the entire national territory.
Initial rental values will be for the term of two years. After such period, the prices will be updated.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal"><U>Resolutions
1,033 and 1,034/2017</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">The
ENACOM approved changes in the frequency allocation of 2.5 GHz and 900 MHz for the mobile services. The regulator resolved the
change in the allocation of the frequency bands between 905 MHz/ 915MHz; 950 MHz/ 960 MHZ and 2500 MHz/ 2690 MHz, to the mobile
service with primary category, for the provision of advanced mobile communication services.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">Resolution
&#8470; 1,034/17 modifies the General Regulation of the Advanced Mobile Communication Service, which established that for the provision
of 4G services the country was considered as a geographic area of exploitation. Now the operation of these services will be able
to be local or regional. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">In
the case of 2.5 GHz, ENACOM established that the channeling model 2500-2570 and</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 68%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: right"><IMG SRC="roa4q16ing001.jpg" ALT="(TELECOM LOGO)">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">2620-2690 MHz for FDD and 2575-2620 for TDD (option
1 from the UIT), same as the one used in countries of the region that offer LTE using such frequencies.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">Likewise,
it was delegated to the Chairman of ENACOM the determination of the Unique Reference Value corresponding to every frequency band
used for the mobile communication in 2.5 GHz. Also, ENACOM will have 15 working days to determine the locations, the service and
coverage conditions over which the providers will be able to apply for the allocation of 2.5 GHz.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">The
rule clarifies that in the case of interference in the 2.5 GHz band; the services of the Community Closed Television Circuit by
subscription through radioelectric link (CCTVS), allocated for such frequency, should migrate to bands between 12.2 and 12.7 GHz,
in accordance to Resolution 2531/16. Meanwhile, systems classified as the Digital Multichannel (MXD) and point to point and point
to multipoint services TV Program (TPMTV) operating currently in frequencies 2,500 and 2,690 MHz should migrate to frequencies
above 6 GHz designated for such services.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">As
from now, all the projects presented for the usage of those frequencies, the Ministry of Communications will have 30 days to analyze
and take the necessary actions provided in the Refarming Regulation.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 120.45pt 0pt 0; text-align: justify; color: gray"><U>Destination of Retained
Earnings</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 120.45pt 0pt 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">In
respect to the Retained Earnings, according to Section 27, Chapter II of Title II of the CNV Rules, (N.T 2013), Shareholders&rsquo;
Meetings of Companies that exhibit cumulative positive results in their annual financial statements not subject to restrictions
for its distribution, should adopt an express resolution regarding its allocation to either one or a combination of the following:
cash dividend distribution, share capitalization or creation of reserves, where it should be specifically foreseen in the Agenda
of the Shareholders Meeting that deals with the treatment of the distributable earnings.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">In
relation to these alternatives, the Board of Directors proposes:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">a.
To allocate the amount of the Retained Earnings of P$3,975 million to &lsquo;Reserve for Future Cash Dividends&rsquo;; </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">b.
To release the amount of P$2,730 million from the &lsquo;Voluntary Reserve for Future Capital Operations&rsquo;, and transfer
it to the &lsquo;Reserve for Future Cash Dividends&rsquo;; and</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">c.
To release the amount of P$2,904 million from the &lsquo;Voluntary Reserve for Future Investments&rsquo;, to increase the &lsquo;Reserve
for Future Cash Dividends&rsquo;.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-weight: normal">Moreover,
it is proposed that the Shareholders Meeting determines the amount to be withdrawn from the Reserve for Future Cash Dividends and
the opportunity and conditions for the cash dividend payment to Shareholders, notwithstanding the faculty of the Board of Directors
to determine the payment of anticipated dividends in accordance to that contemplated in Section 224, second paragraph of the General
Corporations Law.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; text-align: center; color: #A6A6A6">*********</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; text-align: center; color: #A6A6A6">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; text-align: center; color: #A6A6A6"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; text-align: center; color: #A6A6A6">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; text-align: center; color: #A6A6A6"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 68%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: right"><IMG SRC="roa4q16ing001.jpg" ALT="(TELECOM LOGO)">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 240.6pt 0pt 0; text-align: center; color: #A6A6A6">&nbsp;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: left; margin-left: 0.5in"><FONT STYLE="color: rgb(50,101,255)"><B>Ownership
                                         Structure</B></FONT></P>
                                                                       <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<IMG SRC="roa4q16ing010.jpg" ALT="CHART"></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 68%"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: gray">Nortel
Inversora S.A. (&ldquo;Nortel&rdquo;), which acquired the majority of the Company from the Argentine government, holds 54.74% of
Telecom&rsquo;s issued common stock. Nortel is a holding company whose common stock (approximately 78% of capital stock) is owned by
Sofora Telecomunicaciones S.A. Additionally, Nortel capital stock is comprised of preferred shares that are held by minority shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 212.65pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; color: gray"><FONT STYLE="font-size: 8pt">As
of December 31, 2016, Telecom continued to have 984,380,978 shares issued and 969,159,605 shares outstanding.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 212.65pt; text-align: justify; color: gray"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; color: gray"><FONT STYLE="font-size: 8pt">For
more information, please contact Investor Relations:</FONT></P>
</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 16%; padding-right: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Pedro Insussarry</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">(5411) 4968 3743</P></TD>
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Solange Barthe Dennin</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">(5411) 4968 3752</P></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Luis F. Rial Ubago</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">(5411) 4968 3718</P></TD>
    <TD STYLE="vertical-align: top; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7pt 0pt 8.15pt; text-indent: -8.15pt; color: gray">Ruth Fuhrmann</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7pt 0pt 8.15pt; text-indent: -8.15pt; color: gray">(5411) 4968 4448</P></TD>
    <TD STYLE="vertical-align: top; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Antonella Papaleo</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">(5411) 4968 6236</P></TD>
    <TD STYLE="vertical-align: top; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman,serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-size: 8pt">Voice Mail:
(5411) 4968 3628</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-size: 8pt">Fax: (5411)
4968 3616</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt; color: gray">E-mail:
</FONT><FONT STYLE="font-size: 8pt; color: #3366FF"><U>relinver@ta.telecom.com.ar</U></FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #3366FF"><FONT STYLE="font-size: 8pt"><U>www.telecom.com.ar</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #3366FF"><FONT STYLE="font-size: 8pt"><U>www.personal.com.ar</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #3366FF"><FONT STYLE="font-size: 8pt"><U>www.personal.com.py</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #3366FF"><FONT STYLE="font-size: 8pt"><U>www.arnet.com.ar</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #3366FF"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

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

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

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

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

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

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

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

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

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

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



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

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


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: right">&nbsp;<IMG SRC="roa4q16ing001.jpg" ALT="(GRUPO TELECOM LOGO)"></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5279B5"><B><I>TELECOM
ARGENTINA S.A.</I></B><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5279B5"><B>Consolidated
information</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5279B5"><B><I>Annual
period and Fourth Quarter - Fiscal Year 2016</I></B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5279B5"><B>(In
million of Argentine pesos)</B></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>1-</B></FONT></TD>
    <TD STYLE="width: 49%; font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B><U>Consolidated
    Balance Sheet</U></B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%; font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%; font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%; font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%; font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>12/31/16</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>12/31/15</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>&Delta;
    $</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>&Delta;
    %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Cash
    and cash equivalents</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">3,945</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">870</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">3,075</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Investments</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">1,751</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">1,430</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">321</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">22.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Trade
    receivables</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">7,577</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">5,663</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">1,914</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">33.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Other
    Receivables</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">1,011</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">1,336</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(325)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-24.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Inventories</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">1,278</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">2,193</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(915)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-41.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Total
    current assets</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>15,562</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>11,492</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>4,070</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>35.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Financial
    Investments</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">324</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">323</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">1</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">0.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Trade
    receivables</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">208</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">481</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(273)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-56.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Property,
    plant and equipment (&lsquo;PP&amp;E&rsquo;)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">23,165</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">17,963</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">5,202</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">29.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Intangible
    assets</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">7,592</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">7,659</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(67)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-0.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Other
    Receivables</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">1,063</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">547</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">516</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">94.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Total
    non-current assets</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>32,352</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>26,973</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>5,379</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>19.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Total
    Assets</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>47,914</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>38,465</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>9,449</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>24.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Trade
    payables</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">8,979</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">9,873</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(894)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-9.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Deferred
    revenues</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">443</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">477</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(34)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-7.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Financial
    debt</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">3,266</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">3,451</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(185)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-5.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Salaries
    and social security payables</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">1,610</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">1,261</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">349</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">27.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Income
    tax payables</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">724</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">439</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">285</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">64.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Other
    taxes payables</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">1,149</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">1,153</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(4)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-0.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Other
    liabilities</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">69</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">53</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">16</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">30.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Provisions</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">271</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">207</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">64</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">30.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Total
    current liabilities</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>16,511</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>16,914</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>(403)</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>-2.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Trade
    payables</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">152</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">52</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">100</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">192.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Deferred
    revenues</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">445</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">457</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(12)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-2.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Financial
    debt</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">8,646</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">1,449</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">7,197</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Salaries
    and social security payables</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">184</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">157</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">27</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">17.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Deferred
    income tax liabilities</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">569</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">550</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">19</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">3.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Income
    tax payables</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">7</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">10</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(3)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-30.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Other
    liabilities</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">170</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">101</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">69</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">68.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Provisions</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">1,352</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">1,165</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">187</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">16.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Total
    non-current liabilities</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>11,525</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>3,941</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>7,584</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>192.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>TOTAL
    LIABILITIES</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>28,036</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>20,855</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>7,181</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>34.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Equity
    attributable to Telecom Argentina (Controlling Company)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>19,336</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>17,194</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>2,142</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>12.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Non-controlling
    interest</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">542</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">416</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">126</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">30.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>TOTAL
    EQUITY</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>19,878</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>17,610</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>2,268</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>12.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>TOTAL
    LIABILITIES AND EQUITY</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>47,914</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>38,465</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>9,449</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>24.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>2-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B><U>Consolidated
    Loans</U></B></FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>12/31/16</B></FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>12/31/15</B></FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>&Delta;
    $</B></FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>&Delta;
    %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Bank
    overdraft - principal (Personal)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">1,666</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">3,062</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(1,396)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-45.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Bank
    overdraft - principal (Telecom Argentina)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">41</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">&mdash;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">41</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Bank
    overdraft - principal (N&uacute;cleo)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">&mdash;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">84</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(84)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-100.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Banks
    loans (Personal)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">620</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">&mdash;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">620</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Banks
    loans (Nucleo)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">219</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">193</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">26</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">13.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Notes
    - principal (Personal)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">566</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">&mdash;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">566</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">NDF</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">2</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">&mdash;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">2</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Accrued
    interest (Personal)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">145</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">104</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">41</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">39.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Accrued
    interest (N&uacute;cleo)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">7</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">8</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(1)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-12.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Total
    Current Loans</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>3,266</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>3,451</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>(185)</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>-5.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Notes
    - principal (Personal)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">2,084</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">713</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">1,371</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">192.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Banks
    loans - principal (Personal)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">6,234</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">509</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">5,725</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Banks
    loans -principal (Nucleo)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">328</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">227</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">101</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">44.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Total
    Non Current Loans</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>8,646</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>1,449</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>7,197</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>&mdash;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Total
    Loans</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>11,912</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>4,900</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>7,012</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>143.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Cash
    and cash equivalents, and Financial Investments</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">6,020</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">2,623</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">3,397</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">129.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Net
    Financial Position - (Debt)</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>(5,892)</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>(2,277)</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>(3,615)</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>158.8%</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(134,134,134)"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right; color: rgb(132,134,132)"><B>www.telecom.com.ar</B></TD></TR></TABLE><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: right">&nbsp;<IMG SRC="roa4q16ing001.jpg" ALT="(GRUPO TELECOM LOGO)"></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5279B5"><B><I>TELECOM
ARGENTINA S.A.</I></B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5279B5"><B>Consolidated
information</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5279B5"><B><I>Annual
period and Fourth Quarter - Fiscal Year 2016</I></B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5279B5"><B>(In
million of Argentine pesos)</B></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5279B5">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>3-</B></FONT></TD>
    <TD STYLE="width: 49%; font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B><U>Consolidated
    Income Statements</U></B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>12/31/16</B></FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>12/31/15</B></FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>&Delta;
    $</B></FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>&Delta;
    %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Revenues</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>53,240</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>40,496</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>12,744</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>31.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Other
    income</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">83</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">44</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">39</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">88.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Total
    Revenues &amp; Other Income</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>53,323</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>40,540</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>12,783</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>31.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Consolidated
    Operating Costs</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(45,480)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(34,311)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(11,169)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">32.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Operating
    income</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>7,843</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>6,229</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>1,614</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>25.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Finance
    results, net</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(2,244)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(1,102)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(1,142)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">103.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Net
    income before income tax expense</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>5,599</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>5,127</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>472</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>9.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Income
    tax expense</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(1,594)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(1,692)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">98</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-5.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Net
    income</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>4,005</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>3,435</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>570</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>16.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Attributable
    to:</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Telecom
    Argentina (Controlling Company)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">3,975</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">3,403</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">572</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">16.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Non-controlling
    interest</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">30</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">32</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(2)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-6.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Operating
    income before D&amp;A</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>14,424</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>10,866</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>3,558</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>32.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">As
    % of Revenues</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">27.1%</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">26.8%</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Finance
    Income and Expenses</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>12/31/16</B></FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>12/31/15</B></FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>&Delta;
    $</B></FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>&Delta;
    %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><I>Finance
    Income</I></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Interest
    on time deposits</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">1</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">20</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(19)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-95.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Gains
    on investments (Notes and Bonds)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">287</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">432</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(145)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-33.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Gains
    on Mutual Funds</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">61</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">169</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(108)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-63.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Interest
    on receivables</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">373</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">183</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">190</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">103.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">TUVES
    S.A. shares purchase option</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">11</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">9</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">2</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">22.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Foreign
    currency exchange gains</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">273</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">316</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(43)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-13.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Others</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">&mdash;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">1</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(1)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-100.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Total
    finance income</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>1,006</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>1,130</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>(124)</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>-11.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><I>Finance
    expenses</I></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Interest
    on financial debt</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(1,613)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(566)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(1,047)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">185.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Interest
    on salaries and social security, other taxes and accounts payable</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(37)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(26)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(11)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">42.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Interest
    on Provisions</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(207)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(137)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(70)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">51.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Present
    value effect of salaries and social security and other taxes payables and other liabilities</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(15)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(9)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(6)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">66.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Quinquennial
    financial costs</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(38)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(28)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(10)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">35.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Foreign
    currency exchange losses</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(1,328)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(1,456)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">128</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-8.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Others</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(12)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(10)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(2)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">20.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Total
    finance expenses</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>(3,250)</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>(2,232)</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>(1,018)</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>45.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>(2,244)</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>(1,102)</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>(1,142)</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>103.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>4-</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B><U>Consolidated
    Income Statements</U></B></FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>Three
    Months Comparison</B></FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>12/31/16</B></FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>12/31/15</B></FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>&Delta;
    $</B></FONT></TD>
    <TD><FONT STYLE="color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #5279B5"><B>&Delta;
    %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Revenues</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>14,422</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>11,906</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>2,516</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>21.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Other
    income</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">49</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">29</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">20</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">69.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Total
    Revenues &amp; Other Income</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>14,471</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>11,935</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>2,536</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>21.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Consolidated
    Operating Costs</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(12,151)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(10,165)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(1,986)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">19.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Operating
    income</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>2,320</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>1,770</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>550</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>31.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Finance
    results, net</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(562)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(910)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">348</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-38.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Net
    income before income tax expense</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>1,758</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>860</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>898</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>104.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Income
    tax expense</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(248)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(203)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(45)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">22.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Net
    income</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>1,510</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>657</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>853</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>129.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Attributable
    to:</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Telecom
    Argentina (Controlling Company)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">1,504</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">646</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">858</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">132.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">Non-controlling
    interest</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">6</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">11</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">(5)</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">-45.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>Operating
    income before D&amp;A</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>4,216</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>3,202</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>1,014</B></FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684"><B>31.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">As
    % of Revenues</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">29.2%</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #848684">26.9%</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; vertical-align: bottom"><FONT STYLE="color: #848684">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2; Value: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(134,134,134)"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right; color: rgb(132,134,132)"><B>www.telecom.com.ar</B></TD></TR></TABLE><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: right">&nbsp;<IMG SRC="roa4q16ing001.jpg" ALT="(GrupoTelecomLOGO)"></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #5279B5"><B><I>TELECOM
ARGENTINA S.A.</I></B></FONT><BR>
<FONT STYLE="color: #5279B5"><B>Consolidated information</B></FONT><BR>
<FONT STYLE="color: #5279B5"><B><I>Annual period and Fourth Quarter - Fiscal Year 2016</I></B></FONT><BR>
<FONT STYLE="color: #5279B5"><B>(In million of Argentine pesos)</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 5%; text-align: left"><FONT STYLE="color: #5279B5"><B>5-</B></FONT></TD><TD><FONT STYLE="color: #5279B5"><B><U>Breakdown
                                         of the Income Statements</U></B></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 5%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #5279B5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12/31/16</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12/31/15</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&Delta;
    $</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&Delta;
    %</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">REVENUES
    FROM SERVICES</FONT></TD><TD STYLE="width: 2%; font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">45,354</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">34,480</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,874</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31.5</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Fixed
    Services</I></FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14,923</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,675</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,248</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">39.8</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Voice</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">6,010</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">4,339</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,671</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">38.5</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Retail
    Voice</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">4,654</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">3,304</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,350</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">40.9</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Monthly
    Charges</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">2,480</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,406</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,074</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">76.4</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Measured
    Services</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">2,073</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,800</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">273</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">15.2</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Others</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">101</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">98</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">3</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">3.1</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Wholesale</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,356</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,035</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">321</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">31.0</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Interconnection
    (Fixed and Mobile)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">845</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">689</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">156</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">22.6</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Others</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">511</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">346</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">165</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">47.7</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Data</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">2,919</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,780</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,139</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">64.0</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Internet</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">5,994</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">4,556</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,438</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">31.6</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Mobiles
    Sevices</I></FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">30,431</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">23,805</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,626</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">27.8</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684"><I>Telecom
    Personal</I></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">28,049</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">22,258</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">5,791</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">26.0</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Voice</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">10,581</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">8,848</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,733</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">19.6</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Retail
    Voice</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">8,503</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">6,964</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,539</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">22.1</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Monthly
    Charges</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">5,113</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">4,009</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,104</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">27.5</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Measured
    Services</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">2,007</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,977</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">30</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1.5</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Roaming</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">275</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">270</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">5</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1.9</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Others</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,108</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">708</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">400</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">56.5</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Wholesale</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">2,078</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,884</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">194</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">10.3</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Interconnection</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,711</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,548</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">163</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">10.5</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Roaming</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">283</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">285</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">(2)</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD><TD STYLE="font-size: 10pt; text-align: left"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">-0.7</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Mobile
    leases</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">84</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">51</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">33</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">64.7</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Data</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">6,636</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">7,156</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">(520)</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">-7.3</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Internet</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">10,832</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">6,254</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">4,578</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">73.2</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684"><I><U>N&uacute;cleo</U></I></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">2,382</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,547</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">835</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">54.0</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Voice</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">975</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">667</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">308</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">46.2</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Retail
    Voice</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">847</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">565</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">282</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">49.9</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Monthly
    Charges</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">309</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">210</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">99</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">47.1</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Measured
    Services</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">357</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">257</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">100</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">38.9</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Roaming</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">17</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">15</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">2</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">13.3</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Others</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">164</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">83</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">81</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">97.6</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Wholesale</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">128</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">102</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">26</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">25.5</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Interconnection
    - Fixed and mobile</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">115</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">78</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">37</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">47.4</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Roaming</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">17</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">(16)</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD><TD STYLE="font-size: 10pt; text-align: left"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">-94.1</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Others</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">12</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">7</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">5</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">71.4</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Data</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">429</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">313</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">116</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">37.1</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Internet</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">978</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">567</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">411</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">72.5</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">REVENUES
    FROM EQUIPMENT SALES</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,886</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,016</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,870</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31.1</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Fixed
    Services</I></FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">91</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">61</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">30</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">49.2</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Mobiles
    Sevices</I></FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,795</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,955</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,840</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">30.9</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Equipments
    (Personal)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">7,535</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">5,796</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,739</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">30.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Equipments
    (N&uacute;cleo)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">260</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">159</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">101</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">63.5</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>REVENUES</U></FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">53,240</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">40,496</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12,744</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31.5</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>OTHER
    INCOME</U></FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">83</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">44</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">39</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">88.6</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Fixed</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">66</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">39</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">27</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">69.2</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Mobile</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">17</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">5</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">12</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&mdash;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>TOTAL
    REVENUES &amp; OTHER INCOME</U></FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">53,323</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">40,540</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12,783</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31.5</FONT></TD><TD STYLE="font-size: 10pt; color: #5279B5; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>


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

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 13 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: right">&nbsp;<IMG SRC="roa4q16ing001.jpg" ALT="(GrupoTelecomLOGO)"></TD></TR>
</TABLE>

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


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5279B5"><B><I>TELECOM
ARGENTINA S.A.</I></B></FONT><BR>
<FONT STYLE="color: #5279B5"><B>Consolidated information</B></FONT><BR>
<FONT STYLE="color: #5279B5"><B><I>Annual period and Fourth Quarter - Fiscal Year 2016</I></B></FONT><BR>
<FONT STYLE="color: #5279B5"><B>(In million of Argentine pesos)</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 5%; text-align: left"><FONT STYLE="color: #5279B5"><B>6-</B></FONT></TD><TD><FONT STYLE="color: #5279B5"><B><U>BREAKDOWN
                                         OF THE INCOME STATEMENTS</U></B></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 5%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">Three
    Months Comparison</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">12/31/16</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">12/31/15</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&Delta;
    $</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&Delta;
    %</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">REVENUES
    FROM SERVICES</FONT></TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">12,480</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">9,512</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">2,968</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">31.2</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5"><I>Fixed
    Services</I></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">4,111</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">2,999</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">1,112</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">37.1</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Voice</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,682</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,226</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">456</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">37.2</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Retail
    Voice</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,321</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">925</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">396</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">42.8</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Monthly
    Charges</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">744</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">414</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">330</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">79.7</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Measured
    Services</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">549</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">485</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">64</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">13.2</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Others</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">28</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">26</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">2</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">7.7</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Wholesale</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">361</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">301</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">60</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">19.9</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Interconnection
    (Fixed and Mobile)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">225</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">205</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">20</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">9.8</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Others</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">136</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">96</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">40</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">41.7</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Data</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">786</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">490</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">296</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">60.4</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Internet</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,643</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,283</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">360</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">28.1</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">Mobiles
    Sevices</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">8,369</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">6,513</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">1,856</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">28.5</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684"><U>Telecom
    Personal</U></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">7,752</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">6,095</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,657</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">27.2</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Voice</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">2,884</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">2,344</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">540</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">23.0</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Retail
    Voice</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">2,248</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,855</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">393</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">21.2</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Monthly
    Charges</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,418</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,058</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">360</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">34.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Measured
    Services</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">462</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">534</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">(72)</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">-13.5</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Roaming</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">71</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">61</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">10</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">16.4</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Others</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">297</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">202</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">95</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">47.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Wholesale</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">636</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">489</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">147</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">30.1</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Interconnection</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">543</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">404</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">139</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">34.4</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Roaming</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">71</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">60</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">11</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">18.3</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Mobile
    leases</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">22</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">25</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">(3)</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">-12.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Data</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,533</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,780</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">(247)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">-13.9</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Internet</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">3,335</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,971</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,364</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">69.2</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684"><U>N&uacute;cleo</U></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">617</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">418</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">199</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">47.6</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Voice</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">236</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">146</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">90</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">61.6</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Retail
    Voice</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">219</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">124</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">95</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">76.6</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Monthly
    Charges</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">80</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">36</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">44</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">122.2</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Measured
    Services</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">101</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">56</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">45</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">80.4</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Roaming</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">4</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">7</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">(3)</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">-42.9</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Others</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">34</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">25</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">9</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">36.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Wholesale</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">17</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">22</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">(5)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">-22.7</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Interconnection</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">29</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">21</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">8</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">38.1</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Roaming</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">(15)</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">(1)</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">(14)</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&mdash;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Others</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">3</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">2</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">50.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Data</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">108</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">93</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">15</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">16.1</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Internet</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">273</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">179</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">94</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">52.5</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5"><U>REVENUES
    FROM EQUIPMENT SALES</U></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">1,942</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">2,394</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">(452)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">-18.9</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5"><I>Fixed
    Services</I></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">13</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">13</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&mdash;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">0.0</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5"><I>Mobiles
    Sevices</I></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">1,929</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">2,381</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">(452)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">-19.0</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Equipments
    (Personal)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">1,886</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">2,328</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">(442)</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">-19.0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Equipments
    (N&uacute;cleo)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">43</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">53</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">(10)</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">-18.9</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5"><U>REVENUES</U></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">14,422</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">11,906</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">2,516</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">21.1</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">OTHER
    INCOME</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">49</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">29</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">20</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">69.0</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Fixed</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">41</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">27</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">14</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">51.9</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">Mobile</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">8</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">2</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">6</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&mdash;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">TOTAL
    REVENUES &amp; OTHER INCOME</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">14,471</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">11,935</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">2,536</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">21.2</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5279B5">%</FONT></TD></TR>
</TABLE>


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

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

<!-- Field: Page; Sequence: 2; Value: 13 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(134,134,134)"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right"><B>www.telecom.com.ar</B></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: right">&nbsp;<IMG SRC="roa4q16ing001.jpg" ALT="(GRUPO TELECOM LOGO)"></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #5279B5"><B><I>TELECOM
ARGENTINA S.A.</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #5279B5"><B>Consolidated
information</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #5279B5"><B><I>Annual
period and Fourth Quarter - Fiscal Year 2016</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #5279B5"><B>(In million
of Argentine pesos)</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #5279B5"><B>7-</B></FONT></TD><TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #5279B5"><B><U>Consolidated
                                         Income Statements</U></B></FONT></TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 95%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 5%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%"><FONT STYLE="font-size: 10pt; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #5279B5"><B>12/31/16</B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #5279B5"><B>12/31/15</B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #5279B5"><B>&Delta;
    $</B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #5279B5"><B>&Delta;
    %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Revenues</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">53,240</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">40,496</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">12,744</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">31.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Other
    income</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">83</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">44</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">39</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">88.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>Total
    Revenues &amp; Other Income</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>53,323</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>40,540</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>12,783</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>31.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Employee
    benefit expenses and severance payments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(9,800)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(7,253)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(2,547)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">35.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Interconnection
    costs and other telecommunication charges</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(2,553)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(2,170)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(383)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">17.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Fees
    for services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(5,006)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(3,919)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,087)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">27.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Taxes
    and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(5,125)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(3,943)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,182)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">30.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Commissions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(3,849)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(3,193)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(656)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">20.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Cost
    of equipments and handsets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(6,188)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(4,595)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,593)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">34.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Advertising</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(874)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(814)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(60)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">7.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Cost
    of Value Added Services</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,499)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,256)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(243)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">19.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Provisions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(187)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(113)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(74)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">65.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Bad
    debt expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,228)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(564)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(664)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">117.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Other
    operating expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(2,590)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,854)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(736)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">39.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>Subtotal
    Operating costs before D&amp;A</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>(38,899)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>(29,674)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>(9,225)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>31.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>Operating
    income before D&amp;A</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>14,424</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>10,866</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>3,558</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>32.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">D&amp;A</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(6,198)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(4,438)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,760)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">39.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Results
    on write-down of PP&amp;E</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(383)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(199)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(184)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">92.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>Operating
    income</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>7,843</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>6,229</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>1,614</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>25.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Finance
    Income</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">1,006</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">1,130</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(124)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">-11.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Finance
    Expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(3,250)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(2,232)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,018)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">45.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>Net
    income before income tax expense</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>5,599</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>5,127</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>472</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>9.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Income
    tax expense</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,594)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,692)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">98</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">-5.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>Net
    Income</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(132,134,132) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>4,005</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(132,134,132) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>3,435</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(132,134,132) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>570</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(132,134,132) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>16.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Attributable
    to:</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Telecom
    Argentina (Controlling Company)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">3,975</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">3,403</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">572</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">16.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Non-controlling
    interest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">30</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">32</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">-6.3%</FONT></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(132,134,132)"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right"><B>www.telecom.com.ar</B></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: right">&nbsp;<IMG SRC="roa4q16ing001.jpg" ALT="(GRUPO TELECOM LOGO)"></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #5279B5"><B><I>TELECOM
ARGENTINA S.A.</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #5279B5"><B>Consolidated
information</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #5279B5"><B><I>Annual
period and Fourth Quarter - Fiscal Year 2016</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #5279B5"><B>(In million
of Argentine pesos)</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #5279B5"><B>8-</B></FONT></TD><TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #5279B5"><B><U>CONSOLIDATED
                                         INCOME STATEMENTS</U></B></FONT></TD>
</TR>     <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt; color: #5279B5">&nbsp;</FONT></TD><TD STYLE="padding-top: 3pt"><FONT STYLE="font-size: 10pt; color: #5279B5"><B>Three
                                         Months Comparison</B></FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 95%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 5%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%"><FONT STYLE="font-size: 10pt; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #5279B5"><B>12/31/16</B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #5279B5"><B>12/31/15</B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #5279B5"><B>&Delta;
    $</B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt; color: #5279B5">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #5279B5"><B>&Delta;
    %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Revenues</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">14,422</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">11,906</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">2,516</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">21.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Other
    income</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">49</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">29</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">20</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">69.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>Total
    Revenues &amp; Other Income</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>14,471</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>11,935</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>2,536</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>21.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Employee
    benefit expenses and severance payments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(2,587)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,961)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(626)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">31.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Interconnection
    costs and other telecommunication charges</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(599)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(611)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">12</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">-2.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Fees
    for services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,426)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,059)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(367)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">34.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Taxes
    and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,326)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,102)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(224)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">20.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Commissions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,054)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(998)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(56)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">5.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Cost
    of equipments and handsets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,557)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,804)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">247</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">-13.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Advertising</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(326)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(223)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(103)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">46.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Cost
    of Value Added Services</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(357)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(346)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(11)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">3.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Provisions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(81)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">61</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(142)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Bad
    debt expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(384)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(154)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(230)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">149.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Other
    operating expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(558)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(536)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(22)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">4.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>Subtotal
    Operating costs before D&amp;A</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>(10,255)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>(8,733)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>(1,522)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>17.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>Operating
    income before D&amp;A</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>4,216</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>3,202</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>1,014</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>31.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">D&amp;A</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,713)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,284)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(429)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">33.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Results
    on write-down of PP&amp;E</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(183)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(148)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(35)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">23.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>Operating
    income</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>2,320</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>1,770</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>550</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>31.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Finance
    Income</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">405</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">593</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(188)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">-31.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Finance
    Expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(967)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(1,503)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">536</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">-35.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>Net
    income before income tax expense</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>1,758</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>860</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>898</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>104.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Income
    tax expense</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(248)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(203)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(45)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">22.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>Net
    Income</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(132,134,132) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>1,510</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(132,134,132) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>657</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(132,134,132) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>853</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(132,134,132) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684"><B>129.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Attributable
    to:</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Telecom
    Argentina (Controlling Company)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">1,504</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">646</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">858</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">132.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">Non-controlling
    interest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">6</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">11</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">(5)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #848684">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #848684">-45.5%</FONT></TD></TR>
</TABLE>


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

<!-- Field: Page; Sequence: 2; Value: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(132,134,132)"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right"><B>www.telecom.com.ar</B></TD></TR></TABLE></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Telecom
    Argentina S.A.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; vertical-align: bottom"></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 27%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March
    10, 2017</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 0in; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Pedro G. Insussarry</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pedro
G. Insussarry</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Responsible
    for Market Relations</FONT></TD></TR>
</TABLE>


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

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

<!-- Field: Page; Sequence: 3 -->
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
