<SEC-DOCUMENT>0000903423-17-000382.txt : 20170524
<SEC-HEADER>0000903423-17-000382.hdr.sgml : 20170524
<ACCEPTANCE-DATETIME>20170524091710
ACCESSION NUMBER:		0000903423-17-000382
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170524
FILED AS OF DATE:		20170524
DATE AS OF CHANGE:		20170524

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:		17865593

	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>telecom-6k_0523.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></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"><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 May 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="vertical-align: top">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center"><FONT STYLE="font: 12pt Calibri, Helvetica, Sans-Serif">Form 20-F</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">X</P></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center"><FONT STYLE="font: 12pt Calibri, Helvetica, Sans-Serif">Form 40-F</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid">
 </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="vertical-align: top">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center"><FONT STYLE="font: 12pt Calibri, Helvetica, Sans-Serif">Yes</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 12pt Calibri, Helvetica, Sans-Serif">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">X</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center"><FONT STYLE="font: 12pt Calibri, Helvetica, Sans-Serif">Yes</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid">
<DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 12pt Calibri, Helvetica, Sans-Serif">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">X</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Indicate by check mark whether by furnishing
the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to
Rule 12g3-2(b) under the Securities Exchange Act of 1934:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center"><FONT STYLE="font: 12pt Calibri, Helvetica, Sans-Serif">Yes</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid">
</TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 12pt Calibri, Helvetica, Sans-Serif">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">X</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

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


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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I><U>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary
of the resolutions approved by the General Ordinary and Extraordinary Shareholders&rsquo; Meeting held on May 23, 2017</U></I></B></P>


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

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: right">&nbsp;<IMG SRC="image_041.jpg" ALT="" STYLE="width: 124px; height: 62px"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>FREE
TRANSLATION</U></B></FONT></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>Summary of the resolutions approved by
the General Ordinary and Extraordinary</U></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>Shareholders&rsquo; Meeting held on May
23, 2017</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: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #222222">The
following resolutions were adopted upon reviewing each of the points included in the Agenda:</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 0 0 35.4pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B><I>1)</I></B></FONT><B><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><U>Appointment of two shareholders to approve and
sign the Minutes of the Meeting</U></FONT></I></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">Mrs. Maria de los Angeles Blanco Salgado, the
representative of Nortel Inversora S.A. and Mrs. Maria Catalina Benedetti, the representative of the Administraci&oacute;n Nacional
de Seguridad Social &ndash; Fondo de Garant&iacute;a de Sustentabilidad &ndash; Law No. 26,425 (or &lsquo;ANSeS&rsquo;), were appointed
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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B><I>2)</I></B></FONT><B><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><U>Appointment of two regular Directors and two
alternate Directors to complete the mandate of the resigning Directors.</U></FONT></I></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 was resolved to adjourn until June 6, 2017,
at 10.00 am to consider this 2<SUP>nd</SUP> item of the Agenda.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B><I>3)</I></B></FONT><B><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><U>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.</U></FONT></I></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">It was resolved to adjourn until June 6, 2017,
at 10.00 am to consider this 3<SUP>rd </SUP>item of the Agenda.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B><I>4)</I></B></FONT><B><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><U>Consideration of the corporate reorganization
by which (contingent on regulatory approvals and the fulfillment of other conditions), Sofora Telecomunicaciones S.A. (&lsquo;Sofora&rsquo;),
Nortel Inversora S.A. (&lsquo;Nortel&rsquo;) and Telecom Personal S.A. (&lsquo;Telecom Personal&rsquo;) as absorbed companies will
merge into Telecom Argentina S.A. (&lsquo;Telecom Argentina&rsquo;) as surviving company (hereinafter, &lsquo;the Merger&rsquo;),
in accordance with the provisions of section 82 and subsequent sections of the General Corporations Law (Ley General de Sociedades),
section 77 and subsequent sections of the Income Tax Law, and the Rules of Comisi&oacute;n Nacional de Valores (&lsquo;CNV&rsquo;).
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 &lsquo;A&rsquo; 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 &lsquo;B&rsquo; 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.</U></FONT></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; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It was approved the proposal for the corporate
reorganization by which, contingent on regulatory approvals and the fulfillment of other conditions, Sofora Telecomunicaciones
S.A. (&lsquo;Sofora&rsquo;), Nortel Inversora S.A. (&lsquo;Nortel&rsquo;) and Telecom Personal S.A. (&lsquo;Telecom Personal&rsquo;)
<FONT STYLE="color: #222222">as absorbed companies</FONT> will merge into Telecom Argentina S.A. (&lsquo;Telecom Argentina<FONT STYLE="color: #222222">)
as surviving company </FONT>(hereinafter, &lsquo;the Merger&rsquo;), 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 (&lsquo;CNV&rsquo;).</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">In addition, the following documents were approved:
i) The Individual Special Financial Statements for the merger of Telecom Argentina as of December 31, 2016 and the Consolidated
Special Financial Statements for the Merger of Sofora, Nortel, Telecom Argentina and Telecom Personal as of December 31, 2016,
with the respective reports from the Supervisory Committee and the Independent Auditors; ii) The Preliminary Reorganization Agreement
celebrated on March 31, 2017 by Telecom Argentina <FONT STYLE="color: #222222">as the surviving compan</FONT>y and Sofora, Nortel
and Telecom Personal as the <FONT STYLE="color: #222222">absorbed companies</FONT> and its Annexes. This approval includes (without
limitation) the approval of the distribution ratio established in the fourth Section of the Preliminary Reorganization Agreement.</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">Additionally, it was approved the conversion
of up to 161,039,447 Class &lsquo;A&rsquo; 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 &lsquo;B&rsquo; 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.</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">Likewise, the amendment of Sections Four and
Five was approved (the latter with modifications with respect to the project annexed to the Preliminary Reorganization Agreement)
and the elimination of Section Nine of the Corporate Bylaws.</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">Finally, it was granted the 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B><I>5)</I></B></FONT><B><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><U>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.</U></FONT></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; text-align: justify">It was resolved to delegate to the Chairman
of the Company 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.</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">All resolutions were adopted by the majority
of computable votes after deducting the voluntary abstentions from the calculation base, except the resolution related to the adjourning
of items 2<SUP>nd</SUP> and 3<SUP>rd</SUP> which was decided by unanimity of computable votes.</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&rsquo; Meeting was attended
by Maria In&eacute;s Pont Lezica on behalf of the Comisi&oacute;n Nacional de Valores and accountant Nora Lavorante on behalf of
the Buenos Aires Stock Exchange.</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>


<!-- 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: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0"><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: 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">May 24, 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>



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_041.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_041.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  ^ 'P# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#@/BG\.[;X
M>WFFP6VH37@NXW=C)&%V[2!Q@^]>\?"WX;VO@F"74+?49KIM1MXBR21A0G&[
MC!Y^]7G?[2W_ "%_#_\ UPF_]"6O>]$_Y &G?]>L7_H(H ^1H]-T+5?BEK-K
MXBU-]-T\WET6N$ZA@[8'0]:]P^$OAOP9H^JZC<>%O$<NJRM J3(X&$4MD'[H
M[BO$K;4?#^E_%;6+KQ+I[W^FB\N@T"*&)8NVTX)'\Z]O^%GBGP)JNMWMCX3T
M&?3;DV_G3.\:J'16  X<]WH \\^,?_)<-+_W;3_T8:^F:^7_ (X72V/QBL[M
MU+)!!;2,J]2%8G'Z5ZMX+^,VD^-?$4>C6FF7MO*\;R"28IMPHSV- 'A=YINA
M:K\8O$-KXCU1]-T\WUTQN$ZA@YP.AZU[#\)O#/@G2-?O;KPOXEFU6Y-KY<L3
M@81"RG=]T=U KR&;4O#VE_&7Q!=>)M.?4--%]=JT"*&)8N<'!(Z?6O8/AAXK
M\ :GXCGL/"GA^XTV\DMB\DCQJH9%(XX<]R* . \3:IKWQ8^*LWA6SU![32H9
MI(50$[ D>=\C*/O$D' /J!QR:]!\._ NQ\+^(]-UC3]=O&>UDW2Q2HN)1@\#
M;C'/KFO.O$-EK/PC^+4GB6.QDNM*N)Y)4D_A>.3):,M_"PR<9] :]*T'X[:%
MXBU[3='L]-OTGO91&6FV*L9QZ@G/Z4 >?_$35M9^('Q:7P39WKV^GQ3BV"*3
MM) S([ ?>QAL ^GN:J_$+X:W'PLL['Q!X>UR]&9Q#(Q8(Z,02""N,@[2"#^N
M:E^(-CJOPZ^,2>,8;-Y]/GN/M*/SM)9<21D_PGEL>Q'H:9\2OB<GQ,L=/\/>
M'=)OF+3B9U= 9'< A555)X^8DGZ4 >H7OB"7Q3^SY>ZS<*%GN-*E\T*, NN5
M8@>A*D_C7@'P\U"?PKXQ\/Z[(0MG<7+6SMVVG"OGZ!P?RKWVZT"?PO\ L\WN
MCW1!N(-*E,N#D!VRQ&?8MC\*\9@T3^T?V>Y-3C4F;3-:=R1VC=(U;]2A_"@#
M3^-]_<>)OB%=6%H0]OH=D3)Z*>&<_7+(OU%=M^SW_P B#??]A23_ -%15PGA
M33;B]^%WCWQ;J$C2W5V@MEE?JWSJ[G\24_*N[_9[_P"1!OO^PI)_Z*BH ]CN
M+&TNRIN;6"8KP#)&&Q^=3JH50J@  8 ':EHH I-I&F.[.^G6C,QR28%))_*I
M;?3[*T<O;6EO"Y&"T<84D>G JQ10!6GTZQNI/,N+.WE?&-TD2L<?4BD@TVQM
MI?,@LK:*0#&Z.)5/Y@5:JO<7]I:*6N;J&(#^^X%-)O83:6K(WTG399&DDT^T
M=V.69H5))]2<4^#3K*UD\RWL[>%\8W1Q*IQ]0*RY/&6@1G U*.0^D0+_ ,A4
M7_":Z/V-VP]1:R?X5?LJG\K,GB**^TOO.@DC26-HY$5T8896&01]*KPZ;86T
M@D@LK:)Q_$D2J?S K('C;0\_/<2Q?]=('7^8J[:^(]&O"%M]3MG;T\P _K2=
M*:W3'&O2EHI+[S2DCCFC:.5%=&&"K#(/X5#;Z?96CE[:T@A8C!,<84D?@*G5
ME<95@1Z@TM0:C9(TFC:.5%=&&&5AD$>XJ%+&SCMVMTM8%@?EHQ& I^HZ58HH
M @6RM$MC;+:PK W6(1@*?PZ57-K;VG[NV@BA0\E8T"@GUP*OU6N/]8/I0!9H
MHK)UOQ!::);%YFW2X^6,=33C%R=D3.<81YI.R-226.&,R2.J(HR68X KBM:^
M)6F6#-#8*;R8<;@<(/Q[UY]X@\3ZKXBN&1V9+8'Y84X'X^M9D.DW$O;%>G2P
M,4KU7\CP<1FU23Y<.OF=3<>.IKTDWU]<B,_\N]BHC'XN>:K#QAIEL^ZU\-VS
MO_STNY#,WYFLZ'P\[?>!-7HO#?\ L5T<M%:'(JF*EK_P?SN6?^%F:N@VV]I8
MPKZ)'3#\3/$9/#6P_P"V-/7PWQ]S]*D'AO\ V/TJ;8?^5%WQK^VR)?B=XA'W
MA:L/>+_Z]-?X@-=#%_H.F7(/4M'S^=3'PW_L?I4$GAO_ &/TH2P_83>,ZR;]
M=?T"/Q7IR8:S@O\ 2I?6VN-\?XHW]*U]/^)\]K(L=\B7D/\ SUC78X^HZ5SL
MOAPCHIJA-H4R?=S5.E0GHR57Q=-WCI_7;8]NT?Q'I>NQ;[&Y5F[QMPP_"M6O
MG%8KVPG6:%GCD4Y#H<$5Z3X3\?R3A;35Q\XX$X'7ZUQ5\$XKFINZ/4PF:*H^
M2LK/\/\ @'HM5KC_ %@^E3HZR('1@RD9!'>H+C_6#Z5P'KD6I7IM+<[.9"./
M:O/+^PN-2N6>3<Q)[UWUPT%PV6#_ )"DB2RBY$3$^X%;TJJIJZW.2OAW6=F]
M#B;+PH>"8_TK<MO"P4#* 5T:W<"CY48?0"G?;HO[K_D*<L3.0H8*G$S(O#T2
M]<5:31;=>O\ *K/VZ+^Z_P"0H^W1?W7_ "%9.I)]3H5&"Z$8TNW'\-+_ &;;
M_P!VG_;HO[K_ )"C[=%_=?\ (4N9]RN2/88=,MS_  U&VD6[=OTJ?[=%_=?\
MA1]NB_NO^0HYI=Q>SCV*+Z% W3'Y52F\-*P. #6W]NB_NO\ D*/MT7]U_P A
M5*K)=2'0IOH<;=^%<@_N_P!*PYO#3P2;E3%>F_;HO[K_ )"HI);64?-$Q_ 5
MM'%36YS5,!3EL<]X=O)[/$$I+1^A[5TTY!=2.A6J/D6@;<JN/P%7% F4%.BC
/'S5C4DI.Z.FC"4(\K/_9

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