<SEC-DOCUMENT>0000903423-17-000212.txt : 20170322
<SEC-HEADER>0000903423-17-000212.hdr.sgml : 20170322
<ACCEPTANCE-DATETIME>20170322163256
ACCESSION NUMBER:		0000903423-17-000212
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170322
FILED AS OF DATE:		20170322
DATE AS OF CHANGE:		20170322

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:		17707019

	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_0322.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">For the month of March 2017</P>

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">Commission File Number: 001-13464</P>

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

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

<P STYLE="font: 16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Telecom Argentina S.A.</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">(Translation of registrant&#8217;s name into
English)</P>

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-decoration: none"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; border-bottom: black 0.5pt solid">X</P></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-decoration: none"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Form 40-F</FONT></TD>
    <TD STYLE="width: 14%">
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-decoration: none"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Yes</FONT></TD>
    <TD STYLE="width: 14%">
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; border-bottom: black 0.5pt solid">X</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-decoration: none"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Yes</FONT></TD>
    <TD STYLE="width: 14%">
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; border-bottom: black 0.5pt solid">X</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Indicate by check mark whether by furnishing
the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to
Rule 12g3-2(b) under the Securities Exchange Act of 1934:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-decoration: none"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Yes</FONT></TD>
    <TD STYLE="width: 14%">
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; border-bottom: black 0.5pt solid">X</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>


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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">If &#8220;Yes&#8221; is marked, indicate below
the file number assigned to the registrant in connection with Rule 12g3-2(b): <U>N/A</U></P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Telecom Argentina S.A.</B></P>

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I><U>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Documentation
of the Ordinary and Extraordinary General Shareholders&#8217; Meeting summoned for April 27, 2017</U></I></B></P>


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

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white">Buenos Aires,
March&nbsp;22, 2017</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white"><U>SECURITIES
AND EXCHANGE COMMISSION</U></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white"><B><I><U>RE.:
Documentation of the Ordinary and Extraordinary General Shareholders&#8217; Meeting summoned for April&nbsp;27, 2017</U></I></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white">I am writing
to you as&nbsp;<B>Responsible for Market Relations&nbsp;</B>of&nbsp;<B>Telecom Argentina S.A.</B>&nbsp;(&#8220;Telecom Argentina&#8221;
or the &#8220;Company&#8221;) to present the documentation of the referred Shareholders&#8217; Meeting summoned for April&nbsp;27,
2017.</P>

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

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">a)</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">The Notice of Summons of the Ordinary and Extraordinary General Shareholders&#8217; Meeting.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">b)</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">The proposals of the Board of Directors with respect to the matters submitted for the consideration of the Shareholders&#8217; Meeting.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">c)</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">The Minutes of the Audit Committee N&ordm; 181.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white">Sincerely,</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>Pedro G. Insussarry</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><B>Responsible for Market
Relations</B></P>

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

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


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;<IMG SRC="image_029.jpg" ALT=""></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>TELECOM ARGENTINA S.A.</U></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>CALL TO ORDINARY AND EXTRAORDINARY</U></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>GENERAL SHAREHOLDERS&#8217; MEETING</U></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The shareholders are summoned to an Ordinary
and Extraordinary General Shareholders&#8217; Meeting to be held on&nbsp;April&nbsp;27, 2017, at 10 a.m. on the first call, and
at 11 a.m. on the second call (for the matters that must be decided at an Ordinary Meeting) at the corporate offices at Ave. Alicia
Moreau de Justo N&deg; 50, Ground Floor, City of Buenos Aires, in order to consider the following items:</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appointment
of two shareholders to approve and sign the Minutes of the Meeting.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consideration
of the documentation required by Law 19,550 section 234 subsection 1, the <I>&#8216;Comisi&oacute;n Nacional de Valores&#8217;</I>
(CNV) Rules and MERVAL Listing Rules and the accountable documentation in English required by the Rules US Securities &amp; Exchange
Commission Rules, for the twenty-eighth Fiscal Year, ended December 31, 2016 (&#8216;Fiscal Year 2016&#8217;).</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consideration
of the destination of Retained Earnings as of December 31, 2016 (P$ 3,975 million) and the proposal of the Board of Directors to
allocate the total amount of said Retained Earnings for the constitution of a &#8216;Reserve for Future Cash Dividends&#8217;.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">Consideration of the proposal about
the withdrawal of P$2,730 million from the &#8216;Voluntary Reserve for Capital Investments&#8217; and to withdraw the total amount
of the &#8216;Voluntary Reserve for Future Investments&#8217; (P$2,904 million), increasing the &#8216;Reserve for Future Cash
Dividends&#8217; with these withdrawals.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consideration
of the performance of Board Members who have served from April 29, 2016 to the date of this General Meeting.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consideration
of the performance of Supervisory Committee Members who have served from April 29, 2016 to the date of this General Meeting.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consideration
of the compensation for the members of the Board of Directors who served during Fiscal Year 2016 (from the General Meeting of April
29, 2016 to the date of this Meeting). Proposal to pay the total amount of P$36,900,000, representing 0.92% of the &#8216;accountable
earnings&#8217;, calculated according to CNV Rules section 3, Title II, Chapter III (N.T. 2013).</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorize
the Board of Directors to make advance payments to those Directors who serve during Fiscal Year 2017 (from the date of this Meeting
until the Meeting considering the documentation for said year, contingent upon what said Meeting resolves).</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">8. Consideration of the compensation
of Supervisory Committee Members for their</P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">services during Fiscal Year 2016
(from the General Meeting of April 29, 2016 to the date of this Meeting). Proposal to pay the total amount of P$6,500,000.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">9. Designation of one Regular Director
and four Alternate Directors to perform from the date of this Shareholders&#8217; Meeting and for two Fiscal Years.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">10. Determination of the number of
regular and alternate Members of the Supervisory Committee for Fiscal Year 2017.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#9;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in">11. Elect regular members
of the Supervisory Committee.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in">12. Elect alternate members
of the Supervisory Committee.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">13. Authorize the Board of Directors
to make advance payments for the Supervisory Committee members who served during Fiscal Year 2017 (from the date of this Meeting
to the Meeting considering the documentation for said year, contingent upon what said Meeting resolves).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">14. Determine the compensation of
Independent Auditors who provided services during Fiscal Year 2016.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">15. Appoint Independent Auditors
to audit the financial statements for the Fiscal Year 2017, and determination of their compensation.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in">16. Consider the budget
for the Audit Committee for Fiscal Year 2017 (P$3,400,000)</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0.25in"><B>THE BOARD OF DIRECTORS</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B><I><U>Note 1:</U></I></B><I>
According to Sections 70 and 244 of the General Corporation Law, Item 3 of the Agenda will be addressed according to the Rules
applicable to the Extraordinary Meeting. The rest of the items will be addressed according to the Rules applicable to the Ordinary
Meeting.</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B><I><U>Note 2:</U></I></B><I>
To be able to attend the Shareholders&#8217; Meeting, it is required to deposit the book-entry shareholding certificates issued
for that purpose by &#8216;Caja de Valores S.A.&#8217;, no later than three business days prior to the date of the Shareholders&#8217;
Meeting, at Avda. Alicia Moreau de Justo No. 50, 13th floor, City of Buenos Aires, from 10 a.m. to 12 p.m. and from 3 p.m. to 5
p.m. The deadline to submit the share certificate is April 21, 2017, at 5 p.m.</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B><I><U>Note 3:</U></I></B><I>
The documentation to be discussed at the Shareholders&#8217; Meeting, including the proposals of the Board of Directors related
to the matters to be considered, are available at Telecom Argentina&#8217;s website: <B>www.telecom.com.ar</B>. Hard copies of
such documents may be obtained at the place and time stated in Note 2.</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B><I><U>Note 4:</U></I></B><I>
Pursuant to the provisions of section 22 of Chapter II, Title II of CNV Rules, at the time of registration and at the time of attending
the Meeting, shareholders must supply all the details of the holders and their representatives. Legal entities constituted abroad,
trusts or any other similar entity must provide the information and deliver the documentation as required by the CNV Rules in sections
24, 25 and 26 of Chapter II, Title II.</I></P>


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B><I><U>Note 5:</U></I></B><I>
Those registered to participate in the Shareholders&#8217; Meeting as custodians or administrators of any third party shareholdings
are reminded of the need to fulfill the requirements of section 9, Chapter II, Title II of the CNV Rules, to be able to cast a
vote in a divergent manner. </I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B><I><U>Note 6:</U></I></B><I>
Shareholders are requested to be present no later than 15 minutes prior to the scheduled time of the Meeting in order to file their
proxies and sign the Attendance Book.</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.25in"><B><I>Mariano M. Iba&ntilde;ez</I></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.25in"><B><I>Chairman</I></B></P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;<IMG SRC="image_029.jpg" ALT=""></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>TELECOM ARGENTINA S.A.</U></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>PROPOSALS OF THE BOARD OF DIRECTORS TO
THE ORDINARY AND EXTRAORDINARY SHAREHOLDERS&#8217; MEETING SUMMONED FOR APRIL 27, 2017 REGARDING THE ITEMS OFTHE AGENDA.</U></B></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Proposal for the first item of the agenda:</U></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It is proposed to the Shareholders&#8217; Meeting
the designation of the two shareholders that register the higher number of shares to participate in the Meeting to approve and
sign the Minutes.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Proposal for the second item of the agenda:</U></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It is proposed to the Shareholders&#8217; Meeting&nbsp;&#8216;to
approve the documentation for Fiscal Year 2016 required by CNV Rules Title IV, Chapter I, Section 1 (N.T. 2013), namely, the Board
Annual Report and its Annex I (report on the degree of compliance with the Code of Corporate Governance); the Informative Briefing;
the Report of CNV Rules Title IV Chapter III Section 12 and the Buenos Aires Stock Exchange Rules Section 68; the Financial Statements
and all their accompanying Notes and Annexes; the Report from the Supervisory Committee, the Annual Report submitted by the Audit
Committee, and the rest of the documentation for the fiscal year, including English language documentation required by the Securities&nbsp;&amp;
Exchange Commission, shall be approved, in the manner in which it was submitted and adopted by the Board of Directors, the Supervisory
Committee and the Audit Committee, respectively, in their areas of competence.&#8217;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Proposal for the third item of the agenda:</U></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board of Directors proposes that the total
amount of Retained Earnings as of December 31, 2016 (P$3,975 million) should be allocated to the constitution of a &#8216;Reserve
for Future Cash Dividends&#8217;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Moreover, it is proposed that the Shareholders&#8217;
approve the withdrawal of P$2,730 million from the &#8216;Voluntary Reserve for Capital Investments&#8217; and the withdrawal of
the total amount of the &#8216;Voluntary Reserve for Future Investments&#8217; (P$2,904 million), which were allocated during previous
Fiscal Years, increasing the &#8216;Reserve for Future Cash Dividends&#8217; with these withdrawals.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Proposal for the fourth item of the agenda:</U></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">No proposal is formulated on this item, submitting
for the consideration of the Meeting the performance of Board Members who have served from April&nbsp;29, 2016 to the date of this
General Meeting.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Proposal for the fifth item of the agenda:</U></B></P>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">No proposal is formulated on this item, submitting
for the consideration of the Meeting the performance of the Supervisory Committee Members who have served from April&nbsp;29, 2016
to the date of this General Meeting.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Proposal for the sixth item of the agenda:</U></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The proposal for the Meeting is that&nbsp;&#8216;the
compensation of Board Members for their service during Fiscal Year 2016 (from the General Meeting of April&nbsp;29, 2016 to the
date of this Meeting) is for a total amount of P$36,900,000.00 (representing 0.92% of the &#8216;accountable earnings&#8217;, calculated
according to CNV Rules Title II Chapter III section 3 (N.T. 2013) shall be approved, and that the Board shall be empowered to distribute
said amount in the manner it deems appropriate. This amount includes the compensation for their technical-administrative functions
served by a Director under employment contract.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Proposal for the seventh item of the agenda:</U></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The proposal for the Meeting is that&nbsp;&#8216;the
Board of Directors shall be authorized to make advance payments for Directors serving during Fiscal Year 2017 (from April&nbsp;27,
2017 until the Meeting considering the documentation for said year, contingent upon what said Meeting resolves).&#8217;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Proposal for the eighth item of the agenda:</U></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The proposal for the Meeting is that&nbsp;&#8216;the
compensation for Supervisory Committee Members for their service during Fiscal Year 2016 (from the General Meeting of April&nbsp;29,
2016 to the date of Meeting summon for April 27, 2017) for a total amount of P$6,500,000 shall be approved, and that such amount
shall be distributed in equal proportions among the five regular members of said committee.&#8217;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Proposal for the ninth item of the agenda:</U></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Shareholders&#8217; meeting held on April
29, 2016 appointed eleven Regular Directors and eleven Alternate Directors to perform as of the date of the referred Shareholders&#8217;
meeting and for three Fiscal Years. In reference to the resignation of one Regular Director and four Alternate Directors, the Shareholders&#8217;
meeting should designate their replacements to complete their terms that are for two (2) Fiscal Years.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board of Directors refrains from formulating
a proposal regarding this item.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It is recorded that the Regular Director to
be appointed will take the place of one resigning Regular Director that was nominated by the ANSeS-FGS, as well as the three Alternate
Directors to be appointed. The Shareholders who shall propose the designation of Directors are reminded that Board Members are
required to notify to the Meeting whether they are &#8216;independent&#8217; or &#8216;non-independent&#8217; according to the
Rules of the CNV.</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Proposal for the tenth item of the agenda:</U></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board of Directors refrains from formulating
a proposal regarding this item. The</P>


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Shareholders are informed that the Corporate
Bylaws require the Supervisory Committee to be comprised of three or five regular members and three or five alternate members,
and that the number and election of members shall be resolved by the Meeting.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Proposal for the eleventh and twelfth items of the agenda:</U></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board refrains from formulating a proposal
regarding the persons to be appointed as regular and alternate members of the Supervisory Committee. The shareholders are reminded
that they shall propose the appointment of Supervisory Committee. Members are required to report to the Meeting whether they are
&#8216;independent&#8217; or &#8216;non-independent&#8217; according to the CNV Rules. Furthermore, Law No.&nbsp;26,831 section
79 states: &#8216;In publicly listed companies or companies with negotiable debt instruments, all members of the Supervisory Committee
shall be independent&#8217;.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Proposal for the thirteenth item of the agenda:</U></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The proposal for the Meeting is that&nbsp;&#8216;The
Board of Directors shall be authorized to make advance payments for members of the Supervisory Committee to those who serve during
Fiscal Year 2017 (from April&nbsp;27, 2017 until the Meeting considering the documentation for said year, contingent upon what
said Meeting resolves).&#8217;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Proposal for the fourteenth item of the agenda:</U></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The proposal for the Meeting is that &#8216;the
total compensation for Independent Auditors who served during Fiscal Year 2017 shall be determined at P$13,200,000 (which does
not include VAT), broken down into P$6,600,000 for financial statement audit tasks, and P$6,600,000 for audit tasks in connection
with the certification under Sarbanes-Oxley Section 404.&#8217;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Proposal for the fifteenth item of the agenda:</U></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The proposal for the Meeting is that &#8216;the
firm Price Waterhouse &amp; Co. S.R.L. shall be appointed as the Independent Auditors of the Company&#8217;s financial statements
for Fiscal Year 2017. If the proposal is accepted, Mr. Marcelo Daniel Pfaff would act as the regular certifying accountant, and
Mr. Walter Rafael Zablocky would act has his alternate. Furthermore, it is proposed that the compensation of the appointed Independent
Auditors shall be determined by the General Meeting considering the documentation for Fiscal Year 2017, empowering the Audit Committee
to establish the method of service delivery and to make advance payments.&#8217;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Proposal for the sixteenth item of the agenda:</U></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The proposal for the Meeting is that &#8216;in
accordance with the estimate made by the Audit Committee, the budget for the operation of said Committee for Fiscal Year 2017 shall
be approved in the amount of P$3,400,000.&#8221;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt">Sincerely</FONT><FONT STYLE="font-size: 11pt">,
</FONT></P>

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

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


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>AUDIT COMMITTEE</U></B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>MEETING MINUTES No. 181</U></B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 177pt; text-align: justify; text-indent: -177pt">MEMBERS
IN ATTENDANCE: &#9;Mr. Esteban Macek, Mr. Alejandro Macfarlane and Mr. Mart&iacute;n H&eacute;ctor D&#8217;Ambrosio</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 177pt">SECRETARY:</TD><TD STYLE="text-align: justify">Mr. H&eacute;ctor Daniel Cazzasa</TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 177pt; text-align: justify; text-indent: -177pt">EXTERNAL
ADVISOR:&#9;Mr. Carlos Fern&aacute;ndez Funes</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 177pt; text-align: justify; text-indent: -177pt">DATE OF
MEETING: &#9;March 16, 2017</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PROCEEDINGS OF MEETING:</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 24pt 0 0; background-color: white; color: #222222"><B><U>RELEVANT
PART:</U></B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white; color: #222222"><B>11.
<U>OPINION ON THE PROPOSALS THAT THE BOARD OF DIRECTORS INTENDS TO SUBMIT TO THE ANNUAL ORDINARY GENERAL MEETING OF THE SHAREHOLDERS</U></B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white; color: #222222">The
Board of Directors of the Company, at its meeting No.&nbsp;<B>346</B> held on March&nbsp;8, 2017, decided to request the opinion
of the Audit Committee, in accordance with section 110, subsections a) and e) of Law 26,831 and Section&nbsp;10A of the U.S. Securities
Exchange Act, on the proposals that the Board of Directors intends to submit for consideration to the Annual Ordinary General Meeting
of the Shareholders.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white; color: #222222">The
proposals formulated are included below:</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white; color: #222222"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">The proposal to allocate
the aggregate compensation of $36,900,000 to the members of the Board of Directors serving during Fiscal Year 2016 (from April&nbsp;29,
2016 through the date of the Shareholders Meeting that would consider their compensation) and to empower the Board of Directors
to distribute such amount among its members. The abovementioned amount includes the fees for the performance of the Directors&#8217;
duties and participation in the various Board Committees, as well as compensation for the technical and administrative functions
served by a Director under employment contract. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white; color: #222222">The
proposed amount represents 0.92% of Fiscal Year 2016 accountable earnings, calculated according to section 3, Chapter III, Title
II of the Rules of the&nbsp;<I>Comision Nacional de Valores</I>&nbsp;(CNV) (N.T. 2013).</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white; color: #222222">Furthermore,
it is proposed that the Board of Directors be authorized to make advance</P>


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white; color: #222222">payments
to the directors who will serve during Fiscal Year 2017 (from the date of the shareholders meeting that considers this matter through
the date of the meeting that reviews Fiscal Year 2017 documents), in compliance with the provisions of the General Corporations
Law, and contingent upon the decision of the Shareholders Meeting that considers the financial statements of such fiscal year.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white; color: #222222"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">The proposal to pay Price
Waterhouse&nbsp;&amp; Co. S.R.L., (&#8220;PwC&#8221;) for its services as External Independent Auditors of Telecom Argentina&#8217;s
financial statements for Fiscal Year 2017, the amount of $13,200,000 without VAT, broken down into $6,600,000 for financial statement
audit tasks, and $6,600,000 for audit tasks related to the certification under Section&nbsp;404 of the Sarbanes Oxley Act.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white; color: #222222"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">The proposal to appoint
Price Waterhouse&nbsp;&amp; Co. S.R.L. as Independent Auditors of the financial statements for the fiscal year ending on December&nbsp;31,
2017, where Marcelo Daniel Pfaff would act as the regular certifying accountant and Walter Rafael Zablocky as his alternate. This
proposal is formulated in accordance with the resolution of the Ordinary and Extraordinary Meeting held on April 29, 2016, which
approved the extension of the turnover term for independent auditors for a term of up to three years, in accordance with CNV Resolution
No 639/2015.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify; background-color: white; color: #222222">The
Audit Committee has also been asked to report the amount of expenses assigned to its operation and training activities during Fiscal
Year 2016 to be reported to the Shareholders Meeting, and perform an assessment of the funds it considers necessary to carry out
its duties during Fiscal Year 2017, in order to request the Shareholders&#8217; Meeting to approve the respective budget.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222"><B><U>Opinion
on the Proposal of compensation to the members of the Board of Directors acting during Fiscal Year 2016 and advance payments to
those who shall serve in 2017</U></B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">The
Board of Directors submitted to the Audit Committee&#8217;s prior opinion the proposal that it would submit to the Shareholders,
to assign to the directors acting in Fiscal Year 2016 (from April&nbsp;29, 2016 until the date of the meeting that reviews their
compensation) the aggregate compensation of $36,900,000. Furthermore, it is proposed that the Shareholders&#8217; Meeting should
delegate to the Board of Directors the authority to distribute such amount among its members. The abovementioned amount includes
the fees for the performance of Directors&#8217; duties and participation in the various Board Committees, as well as compensation
for the technical and</P>


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">administrative
functions served by a Director under employment contract.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">In
order to evaluate such proposal, the members of the Audit Committee have considered the following:</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #222222; line-height: 150%">a)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 87%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #222222; line-height: 150%">the number of members of the Board of Directors (11 regular members and 11 alternate members), their roles, responsibilities and dedication to their functions; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #1E1E1F; line-height: 150%">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #222222; line-height: 150%">b)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #222222; line-height: 150%">the participation of members of the Board of Directors in several committees (Audit Committee, Regulatory Compliance Committee, Steering Committee and Operations Committee) which demand high professionalism and many hours of work, and involve a high level of responsibility; additionally, the compensation for technical and administrative tasks by a Director under employment contract has been considered;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #222222; line-height: 150%">c)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #222222; line-height: 150%">the consistency of this proposal with those submitted in previous fiscal years;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #222222; line-height: 150%">d)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #222222; line-height: 150%">the updated survey conducted on the&nbsp;<I>Autopista de Informacion Financiera</I>&nbsp;of the&nbsp;<I>Comision Nacional de Valores</I>, &#8220;CNV&#8221;, regarding remunerations paid to directors of other companies similar to Telecom Argentina during the last fiscal year, as reported by such companies. Such survey shows that the fees proposed for Telecom Argentina&#8217;s directors, as a whole, are consistent with the average amounts paid by such organizations and by Telecom Argentina in previous years;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #222222; line-height: 150%">e)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #222222; line-height: 150%">the fact that total amount of fees proposed represents a small percentage (0.92%) of accountable earnings for Fiscal Year 2016, calculated according to CNV Rules.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white; color: #222222">Based
on the above, it is agreed that the total remuneration of $36,900,000 proposed by the Board of Directors for directors acting during
Fiscal Year 2016 from April&nbsp;29, 2016 through the date of the Shareholders&#8217; Meeting reviewing its compensation is reasonable
(under the terms of section 2 subsection d of Chapter III, Title II, of CNV Rules). The factors considered include the number of
directors and their responsibilities, representation, and technical tasks as members of several Board committees; the technical
and administrative tasks performed by a Director under employment contract; the dedication to the role, competence and professional
reputation of directors, and the market value of their services. Furthermore, the proposal does not involve any infringement of
any legal, regulatory or statutory provision applicable to the Company.</P>


<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">The
Audit Committee also considers reasonable, according to market practices, the proposal to authorize the Board of Directors to make
advance payments to those directors acting during Fiscal Year 2017 (from the date of the shareholders meeting that considers this
matter through the date of the meeting that reviews Fiscal Year 2017 documents), in compliance with the provisions of the General
Corporations Law, and contingent upon the decision of the Shareholders Meeting that considers the financial statements of such
fiscal year.</P>


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2)</B></FONT><BR CLEAR="ALL"></TD>
    <TD STYLE="text-decoration: underline; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #222222; line-height: 150%"><B><U>Opinion on the Proposal of Fees payable to the Independent Auditors for Fiscal Year 2016<BR>
</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">The
Board of Directors has requested the opinion of the Audit Committee on the proposal it intends to submit to the Shareholders regarding
the fees to be paid to Price Waterhouse&nbsp;&amp; Co. S.R.L., for their services as Independent Auditors of the financial statements
of Telecom Argentina for fiscal year 2016. The proposal to be submitted at the Shareholders&#8217; Meeting provides for the payment
of $13,200,000 without VAT, of which $6,600,000 are fees for financial statement audit tasks and $6,600,000 are fees for the audit
activities performed in connection with the certification under Section&nbsp;404 of the Sarbanes Oxley Act.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">&nbsp;The
Audit Committee considers that the amount of $6,600,000 that the Board of Directors would propose to the Shareholders&#8217; Meeting
as compensation for the financial statement audit tasks performed by the Independent Auditors during fiscal year 2016 is reasonable
and consistent with the importance, magnitude and quality of the tasks performed, and is within the range of the fees approved
by other listed companies similar to Telecom Argentina.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">Likewise,
taking into account the complexity of the task and the specialization required for the Independent Auditors to perform the audit
in respect of the certification under Section&nbsp;404 of the Sarbanes Oxley Act, the Audit Committee concludes that the amount
of $6,600,000 that the Board of Directors will propose to the Shareholders&#8217; Meeting as remuneration for audit tasks perform
is also deemed reasonable.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #222222; line-height: 150%"><B>3)</B></FONT></TD>
    <TD STYLE="text-decoration: underline; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #222222; line-height: 150%"><B><U>Opinion on the Proposal to Appoint the Independent Auditors for Fiscal Year 2017</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #222222">The Board will propose
to the General Meeting the appointment of Price Waterhouse&nbsp;&amp; Co. S.R.L. as Independent Auditors of the financial statements
for the fiscal year ending on December&nbsp;31, 2017, where Marcelo Daniel Pfaff would act as the regular certifying accountant
and Walter Rafael Zablocky as his alternate. This proposal is formulated consistently with the resolution of the Ordinary and Extraordinary
Meeting held on April 29, 2016, which approved the extension of the turnover term for independent auditors for a term of up to
three years, in accordance with CNV Resolution No 639/2015.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #333334">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #333334">In early 2016,
the Audit Committee conducted an evaluation of the background and performance of Pr</FONT><FONT STYLE="color: #4C4C4D">i</FONT><FONT STYLE="color: #333334">ce
Waterhouse &amp; Co</FONT><FONT STYLE="color: #686868">. </FONT><FONT STYLE="color: #333334">S</FONT><FONT STYLE="color: #7F7F82">.</FONT><FONT STYLE="color: #333334">R.L
(&quot;PwC</FONT><FONT STYLE="color: #686868">&quot;</FONT><FONT STYLE="color: #4C4C4D">)</FONT><FONT STYLE="color: #686868">,
</FONT><FONT STYLE="color: #333334">the current external independent auditors</FONT><FONT STYLE="color: #686868">, </FONT><FONT STYLE="color: #333334">in
order to issue a substantiated opinion as required by section 28 subsection c), Section VI, Chapter 111, Title II of the Standards
(N.T. 2013 and amendments) of the CNV. </FONT></P>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">The
assessment conducted on this occasion was based mainly on the knowledge of the background and performance of the firm, as part
of the Audit Committee&#8217;s activities of annual oversight and evaluation of external auditors with the aim to achieve achieve
reliability in the financial information that the Company provides to regulatory entities, investors, and markets.</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">Additionally,
as part of the assessment process, the Committee interacted with the Company&#8217;s Management, the Internal Audit Department
and other professionals, managers and directors in the organization who are in touch with the signing partner and with other members
of the PwC audit team. The goal was to gather views on the firm&#8217;s performance, which, jointly with the Audit Committee&#8217;s
own analysis and evaluation, led to an opinion, reaching a conclusion on the performance of the abovementioned professional firm.</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">Additionally,
in the conduct of the Audit Committee&#8217;s day-to-day oversight of the external audit function, it has been verified that the
audit team has a proper understanding of the Company&#8217;s business, its operations, the telecommunications industry and the
impact that relevant industry aspects and circumstances have on the Company&#8217;s business. Additionally, its staff, both the
audit and the support teams, at national and international level, have deep knowledge of its systems and business processes, in
particular, the financial reporting process.</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">Another
element considered in the analysis and evaluation of the work team is the adequate interaction and communication with the Audit
Committee. In this regard, PwC&#8217;s audit team and, in particular, the partners in charge of leading the assignment have kept
frequent and open communication with this Committes. The quality of communications, the drafting of audit findings, and their timely
execution have also been considered in our evaluation of PwC&#8217;s performance.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">To
summarize, PwC is a renowned local and international firm with a vast and outstanding professional record, and its procedures meet
high levels of quality and independence from audited companies. Additionally, it is deeply knowledgeable of the business of the
Telecom Argentina Group and of its administrative and internal control structure.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">Therefore,
the Audit Committee, based on the background of the proposed firm, considering its performance in previous years and the abovementioned
considerations, unanimously resolved to submit to the Board a favorable opinion on the proposal to appoint PwC as External Independent
Auditors for the Fiscal Year 2017.</P>


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0.25in 0 0; text-align: justify; background-color: white; color: #222222"><B><U>Audit
Committee Expenses - 2016 Report and 2017 Budget</U></B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0.25in 0 0; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">The
Board of Directors requested the Audit Committee to report the expenses incurred in its operation and training activities in Fiscal
Year 2016, and to estimate the amount that it considers necessary to carry out its activities in 2017, in order to request the
approval by the Shareholders&#8217; Meeting of the relevant budget.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">Mr.
Cazzasa submitted a report on the expenses incurred by the Committee from May 2016 through April 2017, segregating those already
incurred and those to be accrued until the closing of such budget period. The members of the Committee reviewed the different items
included in the report, which showed aggregate expenses of $1,011,038 for such period.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">Continuing
with discussions concerning the budget, in view of the activities performed during the previous fiscal year, the training and advisory
needs estimated for the current year, and the hiring of services required for the effective performance of its tasks and responsibilities,
as well as the general evolution of costs, the members of the Audit Committee resolved to request the Shareholders&#8217; Meeting
to approve an operating budget of $3,400,000 for Fiscal Year 2017.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">A
copy of the expense report submitted by Mr. Cazzasa and of the directors&#8217; fees survey in the&nbsp;&#8216;<I>Autopista de
Informaci&oacute;n Financiera&#8217;</I>&nbsp;were included in the folder with supporting and background documentation of the matters
discussed by the Committee.</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">There being no further business to transact,
it was unanimously resolved that the Chairman, Mr. Esteban G. Macek, sign this document on behalf of the Audit Committee and forward
it to the Board of Directors of <FONT STYLE="color: #353536">Telecom Argent</FONT><FONT STYLE="color: #505051">i</FONT><FONT STYLE="color: #222223">na
</FONT><FONT STYLE="color: #353536">S</FONT><FONT STYLE="color: #6F7070">.</FONT><FONT STYLE="color: #353536">A.</FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; color: #353536">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #353536">Buenos A</FONT><FONT STYLE="color: #505051">i</FONT><FONT STYLE="color: #353536">res</FONT><FONT STYLE="color: #6F7070">,
</FONT><FONT STYLE="color: #353536">March 16, 2017</FONT></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 3.5in"><B><I>Esteban G. Macek</I></B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in; text-align: center; text-indent: 0.25in"><B><I>Chairman
of the Audit Committee</I></B></P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt"><B>Telecom Argentina S.A.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">March 22, 2017</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">/s/ Pedro G. Insussarry</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD>
    <TD STYLE="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt">Pedro G. Insussarry</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Responsible for Market Relations</TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>

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


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

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