<SEC-DOCUMENT>0000903423-17-000255.txt : 20170405
<SEC-HEADER>0000903423-17-000255.hdr.sgml : 20170405
<ACCEPTANCE-DATETIME>20170405060132
ACCESSION NUMBER:		0000903423-17-000255
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170405
FILED AS OF DATE:		20170405
DATE AS OF CHANGE:		20170405

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:		17740990

	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>teleom6k_0405.htm
<TEXT>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

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

<!-- 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  April 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>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 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>


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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I><U>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Documentation
of the Ordinary and Extraordinary General Shareholders&#8217; Meeting summoned for May 23, 2017</U></I></B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 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,
April&nbsp;4, 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 May 23, 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;(&#8216;Telecom Argentina&#8217;
or the &#8216;Company&#8217;) to present the documentation of the referred Shareholders&#8217; Meeting summoned for May&nbsp;23,
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: 100%; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</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>


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

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

<P STYLE="font: 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">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Shareholders are summoned to a General Ordinary
and Extraordinary Meeting to be held on May 23, 2017, at 10 a.m. on the first call, at the corporate offices at Ave. Alicia Moreau
de Justo No. 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: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white; color: #222222"><B><U>AGENDA:</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in; background-color: white; color: #222222"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Appointment of two shareholders to approve and
sign the Meeting Minutes.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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: 12pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Appointment of two regular
Directors and two alternate Directors to complete the mandate of the resigning Directors. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 12pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Election of one member
of the Supervisory Committee and one alternate member of the Supervisory Committee to complete the mandate of the resigning members
of the Supervisory Committee. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 12pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Consideration of the corporate
reorganization by which (contingent on regulatory approvals and the fulfillment of other conditions), Sofora Telecomunicaciones
S.A. (&#8216;Sofora&#8217;), Nortel Inversora S.A. (&#8216;Nortel&#8217;) and Telecom Personal S.A. (&#8216;Telecom Personal&#8217;)
as absorbed companies will merge into Telecom Argentina S.A. (&#8216;Telecom Argentina&#8217;) as surviving company (hereinafter,
&#8216;the Merger&#8217;), in accordance with the provisions of section 82 and subsequent sections of the General Corporations
Law (<I>Ley General de Sociedades</I>), section 77 and subsequent sections of the Income Tax Law, and the Rules of <I>Comisi&oacute;n
Nacional de Valores</I> (&#8216;CNV&#8217;). Consideration of the the Special Individual Merger Financial Statements of Telecom
Argentina as of December 31, 2016, and the Special Consolidated Merger Financial Statements of Sofora, Nortel, Telecom Argentina
and Telecom Personal as of December 31, 2016, with the respective Reports of the Supervisory Committee and the Independent Auditors.
Consideration of the Preliminary Merger Agreement made by and between Telecom Argentina, as surviving company, and Sofora, Nortel
y Telecom Personal, as absorbed companies, on March 31, 2017. Consider the conversion of up to 161,039,447 Class &#8216;A&#8217;
ordinary registered shares issued by the Company with a nominal value of AR$1 each and one vote per share, into the same number
of Class &#8216;B&#8217; ordinary registered shares issued by the Company with a nominal value of AR$1 each and one vote per share,
to be delivered to the holders of Preferred B Shares of Nortel. Amendment of sections Four, Five and Nine of the Corporate Bylaws.
Authorization to sign the Definitive Merger Agreement. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 12pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Granting of the required
authorizations to submit applications to the control agencies for all approvals and authorizations required to complete the Merger
and the amendment of the Corporate Bylaws, and to carry out all the filings and formalities that are necessary to obtain the respective
registrations. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: right; text-indent: -35.4pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: right; text-indent: -35.4pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: right; text-indent: -35.4pt"><B>THE BOARD
OF DIRECTORS</B></P>


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222"><B><I><U>Note
1</U></I></B><I>:&nbsp;Items 2 and 3 on the Agenda will be addressed in accordance with the rules applicable to Ordinary Shareholders&#8217;
Meetings, and the rest of the items will be addressed in accordance with the rules applicable to Extraordinary Shareholders&#8217;
Meetings and with section 244 of the General Corporations Law.</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222"><B><I><U>Note
2</U></I></B><I>:&nbsp;To be able to attend the Shareholders&#8217; Meeting, shareholders are required to deposit their 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.&nbsp;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 May 17, 2017, at 5 p.m.</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="color: #222222"><B><I><U>Note
3</U></I></B><I>: Hard copies of documentation to be discussed at the Shareholders&#8217; Meeting will be available within the
regulatory deadlines at the place and time stated in Note 2, and it will be also available at Telecom Argentina&#8217;s website:&nbsp;</I></FONT><I><FONT STYLE="color: #1155CC"><B>www.telecom.com.ar</B></FONT><FONT STYLE="color: #222222">.&nbsp;</FONT></I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222"><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, all the details of the shareholders and their representatives should be submitted. Legal
entities and other legal structures 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>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222"><B><I><U>Note
5</U></I></B><I>:&nbsp;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.&nbsp;</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222"><B><I><U>Note
6</U></I></B><I>:&nbsp;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>


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

<P STYLE="font: 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 MAY 23, 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">The Board refrains from making a proposal regarding
the persons to be appointed as regular and alternate Directors. The Shareholders who shall propose the designation of Directors
are reminded of the need to inform the Meeting if the nominees qualify as &#8216;independent&#8217; or &#8216;non-independent&#8217;
Directors in accordance with CNV Rules.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: justify; background-color: white; color: #222222">&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 refrains from making a proposal regarding
the persons to be appointed as regular and alternate members of the Supervisory Committee. The Shareholders who shall propose the
designations of members of the Supervisory Committee are reminded that section 79 of Law 26,831 sets forth: &#8216;In companies
with publicly listed shares or negotiable obligations, all members of the Supervisory Committee shall qualify as independent,&#8217;
and therefore they must inform the Meeting if the nominees qualify as &#8216;independent&#8217; in accordance with CNV Rules.</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">The proposal for the Meeting is to &#8216;approve
the corporate reorganization by which, contingent on regulatory approvals and the fulfillment of other conditions, Sofora Telecomunicaciones
S.A. (&#8216;Sofora&#8217;), Nortel Inversora S.A. (&#8216;Nortel&#8217;) and Telecom Personal S.A. (&#8216;Telecom Personal&#8217;)
<FONT STYLE="color: #222222">as absorbed companies</FONT> will merge into Telecom Argentina S.A. (&#8216;Telecom Argentina<FONT STYLE="color: #222222">)
as surviving company </FONT>(hereinafter, &#8216;the Merger&#8217;), in accordance with the provisions of section 82 and subsequent
sections of the General Corporations Law (<I>Ley General de Sociedades</I>), section 77 and subsequent sections of the Income Tax
Law, and the Rules of Comisi&oacute;n Nacional de Valores (&#8216;CNV&#8217;), as well as all the financial statements and other
documents associated with the corporate reorganization on the Agenda. Additionally, approve the conversion of up to 161,039,447
Class &#8216;A&#8217; ordinary registered shares issued by the Company with a nominal value of AR$1 each and one vote per share,
into the same number of Class &#8216;B&#8217; ordinary registered shares issued by the Company with a nominal value of AR$1 each
and one vote per share, to be delivered to the holders of Preferred B Shares of Nortel and the amendment of sections Four, Five
and Nine of the Corporate Bylaws, according to the proposal by the</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Board of Directors. Finally, it is proposed
to the Shareholders&#8217; Meeting to grant authorization to Mariano Ib&aacute;&ntilde;ez, Baruki Luis Alberto Gonz&aacute;lez
and Pedro Chomnalez for each and any of them alternatively to sign the Definitive Merger Agreement on behalf of Telecom Argentina&#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 fifth 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 to &#8216;delegate
to the Chairman, Mr. Mariano Ib&aacute;&ntilde;ez, the appointment of the persons authorized to submit applications to the control
agencies for all approvals and authorizations required to complete the Merger and the amendment of the Corporate Bylaws, and to
carry out all the filings and formalities necessary to obtain the respective registrations&#8217;.</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">&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>&nbsp;</I></B></P>

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<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">April 5, 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>


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