<SEC-DOCUMENT>0000903423-17-000496.txt : 20170811
<SEC-HEADER>0000903423-17-000496.hdr.sgml : 20170811
<ACCEPTANCE-DATETIME>20170811170223
ACCESSION NUMBER:		0000903423-17-000496
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20170811
FILED AS OF DATE:		20170811
DATE AS OF CHANGE:		20170811

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:		171025894

	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>tm6k_0810.htm
<TEXT>
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<P STYLE="margin: 0"></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 August 2017</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">X</P></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Form 40-F</FONT></TD>
    <TD STYLE="width: 14%; text-align: right; vertical-align: bottom">
<!-- 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="vertical-align: top">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Yes</FONT></TD>
    <TD STYLE="width: 14%; text-align: right; vertical-align: bottom">
<!-- 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; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">X</P></TD></TR>
</TABLE>
<P STYLE="font: 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-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Yes</FONT></TD>
    <TD STYLE="width: 14%; text-align: right; vertical-align: bottom">
<!-- 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; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">X</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Indicate by check mark whether by furnishing
the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to
Rule 12g3-2(b) under the Securities Exchange Act of 1934:</P>

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

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

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Telecom Argentina S.A.</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><B><U>Item </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></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">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Telecom Argentina S.A. announces consolidated six month period (&lsquo;1H17&rsquo;)
and second quarter results for fiscal year 2017 (&lsquo;2Q17&rsquo;).</FONT></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">&nbsp;</FONT></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">&nbsp;</FONT></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">&nbsp;</FONT></P>

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

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

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

<P STYLE="color: gray; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;<IMG SRC="telecomargentinaexhibit001.jpg" ALT="(TELECOM)"></FONT></P>

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

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

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

<P STYLE="color: gray; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Market
Cap P$96.9 billion</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">August
9<SUP>th</SUP>, 2017</FONT></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 28.35pt; color: #4576D6"><FONT STYLE="font: 17pt Arial, Helvetica, Sans-Serif"><B>announces
consolidated six month period (&lsquo;1H17&rsquo;) and second </B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><BR>
<FONT STYLE="font-size: 17pt"><B>quarter results for fiscal year 2017 (&lsquo;2Q17&rsquo;)*</B></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 28.35pt; color: #4576D6"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: gray"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&#9632;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.1pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Consolidated
                                         Revenues amounted to P$30,544 million (+20.2% vs. 1H16); Service Revenues reached P$27,090
                                         million (+27.3% vs. 1H16); Fixed Voice Services and Internet Services +44.5% and +29.3%
                                         vs. 1H16, respectively; and Mobile Services in Argentina +25.3% vs. 1H16. </B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: gray"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&#9632;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.1pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Mobile
                                         subscribers in Argentina: 19.5 million in 1H17.</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: gray"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&#9632;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.1pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Mobile
                                         Internet in Argentina +66.5% vs. 1H16; 47.2% of Service Revenues.</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: gray"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&#9632;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.1pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Mobile
                                         ARPU in Argentina increased to P$135.3 per month in 1H17 (+27.5% vs. 1H16).</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: gray"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&#9632;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.1pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>ADSL
                                         ARPU rised to P$344.0 per month in 1H17 (+35.3% vs. 1H16); monthly churn reached 1.4%
                                         in 1H17.</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: gray"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&#9632;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.1pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Consolidated
                                         Operating costs -including D&amp;A and disposals and impairment of PP&amp;E- totaled
                                         P$24,732 million (+13.9% vs. 1H16).</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: gray"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&#9632;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.1pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Operating
                                         Income before Depreciation and Amortization (&lsquo;EBITDA&rsquo;) reached P$9,344 million
                                         (+38.1% vs. 1H16), 30.6% of consolidated revenues.</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: gray"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&#9632;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.1pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Net
                                         Income amounted to P$3,639 million (+109.5% vs. 1H16). Net Income attributable to Telecom
                                         Argentina amounted to P$3,615 million (+109.6% vs. 1H16), being influenced by the growth
                                         in EBITDA, better financial results and by higher depreciation and amortization costs.</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: gray"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&#9632;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.1pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Capex
                                         reached P$4,023 million in 1H17, equivalent to 13.2% of Consolidated Revenues.</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: gray"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&#9632;</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.1pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Net
                                         Debt Financial Position: P$775 million, a decrease of P$4,647 million vs. 1H16, mostly
                                         due to an increase in operating cash flow.</B></FONT></TD></TR></TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="background-color: rgb(5,33,88)"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: White">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; background-color: rgb(5,33,88)"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: White"><B>As
    of June, 30</B></FONT></TD>
    <TD STYLE="text-align: right; background-color: rgb(5,33,88)"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: White">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: rgb(5,33,88)"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: White">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: center; background-color: rgb(5,33,88)"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: White"><B><I>(in
    million P$, except where noted)</I></B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; background-color: rgb(5,33,88)"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: White"><B>2017</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; background-color: rgb(5,33,88)"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: White"><B>2016</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; background-color: rgb(5,33,88)"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: White"><B>&Delta;
    $</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; background-color: rgb(5,33,88)"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: White"><B>&Delta;
    %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">Consolidated Revenues</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">30,544</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">25,406</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">5,138</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">20.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">Mobile Services</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">21,188</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">18,350</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">2,838</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">15.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">Fixed Services</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">9,356</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">7,056</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">2,300</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">32.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">Operating Income before D&amp;A</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">9,344</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">6,764</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">2,580</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">38.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">Operating Income</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">5,851</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">3,721</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">2,130</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">57.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">Net Income attributable to Telecom
    Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">3,615</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">1,725</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">1,890</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">109.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">Shareholders&rsquo; equity attributable
    to Telecom Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">22,999</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">17,074</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">5,925</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">34.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">Net Financial Position - (Debt)
    / Cash</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">(775)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">(5,422)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">4,647</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">-85.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">CAPEX (excluding spectrum)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">4,023</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">4,495</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">(472)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">-10.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">Fixed lines in service (in thousand
    lines)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">3,861</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">3,974</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">(112)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">-2.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">Mobile customers (in thousand)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">22,031</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">22,517</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">(486)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">-2.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">Personal (Argentina)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">19,529</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">19,957</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">(428)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">-2.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">N&uacute;cleo (Paraguay) -including
    Wimax customers-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">2,502</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">2,560</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">(58)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">-2.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">Broadband accesses (in thousand)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">1,735</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">1,798</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">(63)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">-3.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">Average Billing per user (ARBU)
    Fixed Telephony / voice (in P$)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">140.9</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">87.3</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">53.7</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">61.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">Average Revenue per user (ARPU)
    Mobile Services in Arg. (in P$)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">135.3</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">106.2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">29.2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">27.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">Average Revenue per user (ARPU)
    ADSL (in P$)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">344.0</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">254.3</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">89.7</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Silver">35.3%</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.1pt 0pt 14.2pt; text-align: center; color: Red">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: gray"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">*Unaudited
non financial data</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.1pt 0pt 14.2pt; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.1pt 0pt 14.2pt; text-align: center; color: Red"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.1pt 0pt 14.2pt; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.1pt 0pt 14.2pt; text-align: right; color: Red"><IMG SRC="telecomargentinaexhibit001.jpg" ALT="(TELECOM)">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.1pt 0pt 14.2pt; text-align: center; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.1pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #3366FF"><I>Buenos
Aires, August 9, 2017 </I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: gray">- Telecom Argentina (&lsquo;Telecom&rsquo;)
- (NYSE: TEO; BASE: TECO2), one of Argentina&rsquo;s leading telecommunications companies, announced today a Net Income of P$3,639 million
for the six month period <FONT STYLE="font-size: 10pt">ended June 30, 2017</FONT>, or +109.5% when compared to 1H16. Net income
attributable to Telecom Argentina amounted to P$3,615 million (+109.6% vs. 1H16). </FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: center; color: Red"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; background-color: rgb(5,33,88)"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: White">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: center; background-color: rgb(5,33,88)"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: White"><B>1H17</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; background-color: rgb(5,33,88)"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: White"><B>1H16</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; background-color: rgb(5,33,88)"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: White"><B>&Delta;
    $</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; background-color: rgb(5,33,88)"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: White"><B>&Delta;
    %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">Consolidated Revenues (MMP$)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">30,544</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">25,406</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">5,138</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">20.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">Net Income attributable to Telecom
    Argentina(MMP$)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">3,615</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">1,725</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">1,890</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">109.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">Earnings attributable to Telecom
    per Share (P$)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">3.7</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">1.8</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">2.0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">Earnings attributable to Telecom
    per ADR (P$)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">18.7</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">8.9</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">9.8</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">Operating Income before D&amp;A
    *</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">30.6%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">26.6%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">Operating Income *</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">19.2%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">14.6%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">Net Income*</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">11.9%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">6.8%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: left; color: Red"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">*As
a percentage of Consolidated Revenues</FONT></P>

<P STYLE="margin: 0pt 0 0pt 0.85in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">Note:
The average of ordinary shares outstanding amounted to 969,159,605.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: gray; text-align: justify"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">During
1H17, Consolidated Revenues increased by 20.2% to P$30,544 million (+P$5,138 million vs. 1H16), mainly fueled by Fixed Voice Services,
Fixed Internet Services and Mobile Services in Argentina. Moreover, Operating Income reached P$5,851 million (+P$2,130 million
or +57.2% vs. 1H16). </FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 73%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: gray; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: #3366FF"><FONT STYLE="font: 18pt Arial, Helvetica, Sans-Serif"><U>Consolidated
Operating Revenues</U></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: #3366FF"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: #3366FF"><FONT STYLE="font: 16pt Arial, Helvetica, Sans-Serif"><I>Mobile
Services</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: #3366FF"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">As
of June 30, 2017 mobile clients amounted to 22.0 million.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Third
Parties Revenues amounted to P$21,188 million (+15.5% vs. 1H16) thanks to a commercial strategy of innovation that boosts the
consumption of mobile internet services through an updated offer of plans suitable for all market segments.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; color: #3366FF"><I>Telecom
Personal in Argentina</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">As
of June 30, 2017, Personal reached 19.5 million subscribers in Argentina, where postpaid clients represented 33% of the subscriber
base.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In
1H17, Third Parties Revenues reached P$19,871 million (+P$2,775 million or +16.2% vs. 1H16) while Service Revenues (excluding
equipment sales) amounted to P$16,492 million (+25.3% vs. 1H16), with 47.2% corresponding to mobile internet revenues (vs. 35.5%
as in 1H16), as Mobile Internet Revenues amounted to P$7,776 million (+66.5% vs. 1H16). Revenues from Outbound Mobile Services
reached P$14,400 million (+22.2% vs. 1H16), mainly due to price increases in Postpaid and Monthly Fee client segments and increases
in the amount of online recharges of Prepaid subscribers. Meanwhile, Revenues from Inbound Mobile Services amounted to P$1,323
million (+82.5% vs. 1H16), increase that was mainly generated by price increases in CPP and TLRD. In addition, equipment sales
decreased by -14.2% vs. 1H16, reaching P$3,379 million, equivalent to 17.0% of total revenues.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
average monthly revenue per user (&lsquo;ARPU&rsquo;) amounted to $135.3 during 1H17 (+27.5% vs. 1H16).&nbsp;</FONT></P>
</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 25%"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                           <P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><IMG SRC="telecomargentinaexhibit002.jpg" ALT="(GRAPHIC)">&nbsp;</P></TD></TR>
</TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: gray; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><IMG SRC="telecomargentinaexhibit001.jpg" ALT="(TELECOM)">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 73%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: gray; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 14pt Arial, Helvetica, Sans-Serif; color: #3366FF"><I>Commercial
Initiatives</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">During
2Q17, Personal and Arnet evolved their brand concept through the resignification of the slogan: <I>&lsquo;Internet para que todo
suceda&rsquo;</I> (&lsquo;Internet to make it all happen&rsquo;), based on a more integrative and functional proposal, aligned
with the offer of services and solutions that the Companies provide to their customers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In
this sense, in order to continue promoting the customers&rsquo; technological evolution towards 4G, Personal expanded the amount
of data included in the mobile plans of Postpaid and Monthly Fee client segments. In addition, Personal added to its wide range
of state-of-the-art devices the latest worldwide-launched smartphones, such as the Samsung Galaxy S8 and S8 + and the Moto G5
Plus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In
addition, Personal continues to develop an offer of devices oriented towards IOT (Internet of the Things), with the launch of
Personal Bipy, the first in a series of device releases that are tailored to the connectivity needs of the entire family. Personal
Bipy is a smart watch that allows children to remain connected to their parents when they aren&rsquo;t physically near, through
an application on their cellphone that allows parents to be aware of their location and speak to them, giving tranquility to the
whole family. It is sold with the first IOT plan launched in the market.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: #3366FF"><FONT STYLE="font: 14pt Arial, Helvetica, Sans-Serif"><I>Telecom
Personal in Paraguay (&lsquo;N&uacute;cleo&rsquo;)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: #3366FF"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">As
of June 30, 2017, N&uacute;cleo&rsquo;s subscriber base reached 2.5 million clients. Prepaid and postpaid customers represented
83% and 17%, respectively.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">N&uacute;cleo
generated revenues from Third Parties equivalent to P$1,317 million during 1H17 (+5.0% vs. 1H16). Internet revenues amounted to
P$584 million (+30.9% vs. 1H16) representing 46.1% of 1H17 service revenues (vs. 39.5% in 1H16).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: #3366FF"><FONT STYLE="font: 16pt Arial, Helvetica, Sans-Serif"><I>Fixed
Services (Voice, Internet and Data)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: #3366FF"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">During
1H17, Revenues generated by Fixed Services amounted to P$9,331 million, +33.5% vs. 1H16; with Voice revenues increasing by +44.5%
vs. 1H16, mainly influenced by price increases in monthly fees. Meanwhile, Internet revenues grew by +29.3% vs. 1H16 and Data
Revenues were up by +20.3%.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: #3366FF"><FONT STYLE="font: 14pt Arial, Helvetica, Sans-Serif"><I>Voice</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: #3366FF"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total
Voice revenues reached P$3.976 million in 1H17 (+44.5% vs. 1H16). This increase is explained mainly by price increases that came
into effect in both corporate and residential segments during 1Q17, and additionally due to the offer of bundled packs that include
voice and internet services <I>(&lsquo;Arnet + Voz&rsquo;), </I>that aim to achieve higher levels of customer loyalty and churn
reduction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">As
a result, the average monthly revenue billed per user (&lsquo;ARBU&rsquo;) reached P$140.9 in 1H17, +61.5% vs. 1H16.</FONT></P>
</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0"><IMG SRC="telecomargentinaexhibit003.jpg" ALT="(GRAPHIC)"><BR></P>
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</TABLE>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: gray; text-align: right"><IMG SRC="telecomargentinaexhibit001.jpg" ALT="(TELECOM)">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 73%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: gray; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: #3366FF"><FONT STYLE="font: 14pt Arial, Helvetica, Sans-Serif"><I>Internet</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: #3366FF"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">As
of June 30, 2017, Telecom reached 1.7 million ADSL accesses. These connections represented 44.9% of Telecom&rsquo;s fixed lines
in service. In addition, ADSL ARPU reached P$344.0 in 1H17, +35.3% when compared to 1H16 while the monthly <I>churn</I> rate decreased
reaching 1.4% in 1H17 vs. 1.5% in 1H16. Clients with <I>ultra broadband or UBB services</I> (speeds of 15Mb or higher) currently
represent 15% of the total customer base as of 1H17.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Within
the framework of the evolution of the brand concept generated through the resignification of the slogan: <I>&lsquo;Internet para
que todo suceda&rsquo;,</I> and aiming to provide a comprehensive solution for connected households, the convergent service proposal
that integrates the services of &lsquo;Arnet, Personal and Telecom&rsquo; was renewed through the offer of a <I>&lsquo;Combo &Uacute;nico&rsquo;
</I>that includes more internet - through all supported devices &ndash; in order to be connected at maximum speed, both indoor
and outdoor.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #3366FF; text-align: justify"><FONT STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif"><I>Data
</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #3366FF; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Data
revenues (services mainly offered to Corporate, SME and Government segments) amounted to P$1,686 million (+P$284 million or +20.3%
vs. 1H16), that evidence the strong position of Telecom as an integrated ICT provider. This increase was mainly due to FX rate
variations that affected those contracts that are adjusted by the $/U$S exchange rate and due to the increase in the number of
clients.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">With
the objective of providing value to the strategic segment of Small and Medium Enterprises, the Telecom Group presented its <I>Partners
</I>program through strategic alliances with SMEs that offer productivity solutions (online CRM, online advertising, website design,
among others) that aim to solve needs of services that other companies or professionals have; and which are looking to acquire
simple and fast solutions to boost their business without investing in IT infrastructure (servers) and software licenses. The
objective of the Telecom Group is to enhance the development of the Partners by accessing the virtualized components of Telecom&rsquo;s
main Datacenter, with a differential offer, support, co-branding and billing integration.</FONT></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: #3366FF"><FONT STYLE="font: 18pt Arial, Helvetica, Sans-Serif"><U>Consolidated
Operating Costs</U></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: #3366FF"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Consolidated
Operating Costs totaled P$24,732 million in 1H17, an increase of P$3,018 million, or +13.9% vs. 1H16 (including &lsquo;Disposals
and impairment of PP&amp;E&rsquo; that resulted in a loss of P$101 million in 1H17 vs. a loss of P$149 million in 1H16). Continuing
with the trend observed during the last quarter, this overall increase is below inflation levels or Revenue growth, which allowed
a significant increase in the Company&rsquo;s EBITDA and to improve its margin. This was a result of a higher level of efficiency in
the cost structure. Higher costs are mainly associated to the effect of a highly competitive environment in the mobile and Internet
businesses, the impact of higher direct and indirect labor costs generated by the operations in Argentina, the increase in fees
for services related to price adjustments in supplier contracts, increases in taxes and fees with regulatory authorities, in bad
debt expenses and higher D&amp;A, that were partially offset by lower cost of handsets sold, VAS costs and commissions, among
others.</FONT></P>
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</TABLE>

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<P STYLE="margin: 0; text-align: right"><IMG SRC="telecomargentinaexhibit001.jpg" ALT="(TELECOM)">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 73%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: gray; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

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

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

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Employee benefit expenses and severance payments totaled P$5,878 million (+32.5% vs. 1H16), mainly affected by increases in salaries
to unionized and non-unionized employees together with the associated social security contributions. Finally, total employees
at the end of 1H17 amounted to 15,570.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-
Interconnection costs and other telecommunication charges (including TLRD, Roaming, Interconnection, international settlement
charges and lease of circuits) amounted to P$1,532 million, +15.2% vs. 1H16. This increase resulted mainly from higher costs related
to TLRD, partially offset by lower costs related to international roaming.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-
Fees for services, maintenance, materials and supplies amounted to P$2,959 million (+26.7% vs. 1H16), mainly due to costs&rsquo;
increases in software maintenance in the fixed segment and systems&rsquo; licenses in the mobile segment. There also were increases
in costs associated with fees for services, mainly related to call centers and higher costs recognized to suppliers in both mobile
and fixed segments.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-
Taxes and fees with regulatory authorities reached P$2,870 million (+15.1% vs. 1H16), impacted mainly by higher revenues, as well
as higher bank debit and credit taxes related to collection flows and payments to suppliers in 1H17 vs. 1H16.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-
Commissions (Commissions paid to agents, prepaid card commissions and others) totaled P$1,803 million (-2.5% vs. 1H16). Decrease
in commissions (before SAC capitalization, P$2,318 million in 1H17 vs. P$2,524 million in 1H16) is mainly due to a reduction in
commissions paid to commercial channels, associated with lower levels of additions as well as lower handset sales, and also due
to greater efficiencies of a new agent remuneration model, and reduction in collection, CPP and other fees. Agent commissions
capitalized as SAC amounted to P$515 million (-23.6% vs. 1H16), being the reduction related to a lower level of additions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-
Cost of handsets sold totaled P$2,769 million (-10.2% vs. 1H16), this decrease was mainly due to a reduction in quantities of
handsets sold, given the modification in strategy where the effort was centered more in the change of devices in order to achieve
higher upselling of mobile plans and less on capture operations, partially offset by higher cost per device. Deferred costs from
SAC amounted to P$37 million (-33.9% vs. 1H16). Lower deferred costs were derived from lower quantities of equipment sales during
the six month period.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-
Advertising amounted to P$479 million (+29.1% vs. 1H16), due to new advertising campaigns launched by the Group in 2017.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-
Depreciation and Amortization reached P$3,392 million (+17.2% vs. 1H16). PP&amp;E depreciation amounted to P$2,435 million (+22.9%
vs. 1H16) resulting from the incorporation of assets related to the investment plan that the Group has been executing; the amortization
of SAC and service connection costs that totaled P$779 million (+10.3% vs. 1H16); the amortization of 3G/4G licenses that amounted
to P$163 million (-15.5% vs. 1H16), due to the extension in the duration of the license as the 700MHz band remains partially unavailable,
and the amortization of other intangible assets that reached P$15 million (+15.4% vs. 1H16).</FONT></P>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><IMG SRC="telecomargentinaexhibit001.jpg" ALT="(TELECOM)">&nbsp;</P>

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

<DIV STYLE="position: relative; float: left; width: 73%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 78%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-
Other Costs totaled P$2,949 million (+6.3% vs. 1H16), of which Bad debt expenses reached P$675 million (+30.3% vs. 1H16), mainly
influenced by the financing plans for the sale of handsets in the mobile business, representing 2.7% of consolidated costs and
2.2% of consolidated revenues; this increase was partially offset by a decrease on VAS costs that totaled P$466 million (-41.2%
vs. 1H16), due to a redesign in the offer of these services.</FONT></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #3366FF; text-align: justify"><FONT STYLE="font: normal 18pt Arial, Helvetica, Sans-Serif"><U>Consolidated
Financial Results</U></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #3366FF; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net
Financial Results totaled a loss of P$260 million, which represented an improvement of P$786 million vs. 1H16. This was mainly
due to lower financial costs generated by a lower loss in net financial interests of P$301 million in 1H17 (+P$380 million vs.
1H16) and lower losses on FX results net of NDF instruments for P$302 million in 1H17 (vs. a loss of P$558 million in 1H16) mainly
due to a reduction in the peso depreciation occurred since December 2016 in comparison with 1H16. Meanwhile, gains on mutual funds
and other investments amounted to P$387 million (+P$155 million vs. 1H16), due to higher yields obtained in such instruments and
an increase in the invested balances.</FONT></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: #3366FF"><FONT STYLE="font: 18pt Arial, Helvetica, Sans-Serif"><U>Consolidated
Net Financial Position</U></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: #3366FF"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">As
of June 30, 2017, Net Financial Debt Position (Cash, Cash Equivalents and financial Investments minus Loans) totaled P$775 million,
a decrease of P$4,647 million when compared to the Net Financial Position as of June 30, 2016, mostly due to an increase in operating
cash flow during 1H17; this latter improvement was both due to the increase in EBITDA and a greater efficiency in working capital
management.</FONT></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #3366FF; text-align: justify"><FONT STYLE="font: normal 18pt Arial, Helvetica, Sans-Serif"><U>Capital
Expenditures</U></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #3366FF; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">During
1H17, the Company invested P$4,023 million (-10.5% vs. 1H16). Of this amount, P$1,808 million were allocated to Fixed Services
and P$2,215 million to Mobile services, focusing on projects that maximize network capacity and on the development of products
and services that contribute to address the customers needs that today demand for connectivity and data availability. In relative
terms, Capex reached 13.2% of consolidated revenues vs. 17.7% in 1H16.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font-size: 10pt">
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In terms of infrastructure, the deployment of the 4G/LTE network continued
throughout the country, reaching 910 cities, and 78% of the population of Argentina (93% of the population in capital cities),
along with technological reconversion of the 2G and 3G networks.</FONT></FONT></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #3366FF; text-align: justify"><FONT STYLE="font: normal 18pt Arial, Helvetica, Sans-Serif"><U>Relevant
Matters</U></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #3366FF; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><U>Amortization
of Sofora Telecomunicaciones&rsquo; Shares</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
Ordinary and Extraordinary General Shareholders&rsquo; Meeting of Sofora Telecomunicaciones S.A. (&lsquo;Sofora&rsquo;) held on
March 28, 2017 resolved to fully amortize with net realized gains the 140,704,640 ordinary and fully integrated shares issued
by</FONT></P></TD></TR></TABLE>

</DIV>
<DIV STYLE="position: relative; float: right; width: 25%">
<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="margin: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; background-color: rgb(5,33,88)"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: White"><B>in million
    of P$</B></FONT></TD>
    <TD STYLE="width: 6%; text-align: right; background-color: rgb(5,33,88)"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: White"><B>1H16</B></FONT></TD>
    <TD STYLE="width: 6%; text-align: right; background-color: rgb(5,33,88)"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: White"><B>1H17</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">Net Interests</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">-$ 681</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">-$ 301</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">Gains on Mutual Funds &amp; other
    inv.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">$ 232</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">$ 387</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">FX results net of NDF instruments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">-$ 558</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">-$ 302</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2pt double"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">Others</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2pt double"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">-$ 39</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2pt double"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999">-$ 44</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999"><B>-$
    1,046</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #999999"><B>-$
    260</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0 0 0 0.25in">&nbsp;</P>
<P STYLE="margin: 0 0 0 0.25in">&nbsp;</P>
<P STYLE="margin: 0 0 0 0.25in"><IMG SRC="telecomargentinaexhibit007.jpg" ALT="(GRAPHIC)"></P>
<P STYLE="margin: 0 0 0 0.25in">&nbsp;</P>
<P STYLE="margin: 0 0 0 0.25in">&nbsp;</P>
<P STYLE="margin: 0 0 0 0.25in"><IMG SRC="telecomargentinaexhibit008.jpg" ALT="(GRAPHIC)"></P>

<P STYLE="margin: 0 0 0 0.25in">&nbsp;</P>
</DIV>
<BR CLEAR="ALL"><BR>
<P STYLE="margin: 0">&nbsp;</P>
<!-- Field: Page; Sequence: 6; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0; text-align: right"><IMG SRC="telecomargentinaexhibit001.jpg" ALT="(TELECOM)">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 73%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Sofora that were owned by W Argentina de Inversiones S.A. (&lsquo;WAI&rsquo;). The terms of such amortization provided that
it was to be made in two tranches of shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">On
May 23, 2017, the First Tranche of the Ordinary Shares owned by WAI (74,749,340 shares), that was representive of 17% of the capital
stock of Sofora, was amortized. Therefore, on that same day, the Members of the Board of Directors and the Members of the Supervisory
Committee of Telecom Argentina S.A. (&lsquo;Telecom Argentina&rsquo;), Telecom Personal S.A. (&lsquo;Telecom Personal&rsquo;),
Nortel Inversora S.A. (&lsquo;Nortel&rsquo;) and Sofora that were designated at the request of WAI submitted their irrevocable
resignations. Finally, on June 22, 2017 &ndash;with prior authorization from the Ente Nacional de Comunicaciones (ENACOM)- the
Second Tranche of the Ordinary Shares owned by WAI (65,955,300 shares), that was representive of 15% of the capital stock of Sofora
prior to the amortization of the First Tranche, was amortized, wherewith WAI is no longer a shareholder of Sofora. As a result,
the Shareholders&rsquo; Agreement that linked the partners of Sofora with respect to Nortel, Telecom Argentina and Telecom Personal
has been entirely left without effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><U>General
Ordinary and Extraordinary Shareholders&rsquo; Meeting of Telecom Argentina</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
General Ordinary and Extraordinary Shareholders&rsquo; Meeting celebrated on May 23, 2017, provided the approval for the proposal
for the corporate reorganization by which, 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) 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;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In
addition, the following documents were approved: i) The Unconsolidated 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 as the surviving company
and Sofora, Nortel and Telecom Personal as the absorbed companies and its Annexes. This approval includes (without limitation)
the approval of the distribution ratio established in the Fourth Section of the Preliminary Reorganization Agreement.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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.</FONT></P>
</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
</TABLE>

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



<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: Gray"><B>www.telecom.com.ar</B></P></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0; text-align: right"><IMG SRC="telecomargentinaexhibit001.jpg" ALT="(TELECOM)">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 73%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><U>Preliminary
Merger Agreement entered into between Telecom Argentina and Cablevisi&oacute;n</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">On
June 30, 2017, the Boards of Directors of Telecom Argentina and Cablevisi&oacute;n S.A. (&lsquo;Cablevisi&oacute;n&rsquo;) (altogether,
Telecom Argentina and Cablevisi&oacute;n, the &lsquo;Companies&rsquo;) approved the &lsquo;Preliminary Merger Agreement&rsquo;
by which they agree that Telecom Argentina will absorb by merger Cablevisi&oacute;n, in accordance with the terms of Sections
82 and 83 of the General Corporate Law, and ad referendum of the corporate and regulatory approvals (among others, those necessary
from the Ente Nacional de Comunicaciones &mdash; ENACOM) established in said Agreement (the &lsquo;Merger&rsquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">For
the purpose of this Merger, the Board of Directors of Telecom Argentina and the Board of Directors of Cablevisi&oacute;n approved
their respective Special Merger Unconsolidated Financial Statements and the Special Merger Consolidated Financial Statements,
all of them as of March 31, 2017, with the respective reports issued by their Supervisory Committees and of the Independent Auditor
Price Waterhouse &amp; Co.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
Preliminary Merger Agreement foresees:</FONT></P>
</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 134.65pt 0pt 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 73%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: gray"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1-</FONT></TD><TD STYLE="text-align: justify; width: 67%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">An
                                         exchange ratio of 9,871.07005 new ordinary shares of Telecom Argentina with nominal value
                                         of $1.- each to be issued, for every ordinary share of Cablevisi&oacute;n with nominal
                                         value of $10,000.- each (the &lsquo;Exchange Ratio&rsquo;).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 73%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: gray"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2-</FONT></TD><TD STYLE="text-align: justify; width: 67%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">That
                                         as a result of the Merger, Telecom Argentina will issue 1,184,528,406 new ordinary book
                                         entry shares with nominal value of $1.and one vote per share to be delivered to Cablevisi&oacute;n&rsquo;s
                                         shareholders, in form of Class &lsquo;A&rsquo; Shares of Telecom Argentina or Class &lsquo;D&rsquo;
                                         Shares of Telecom Argentina, as applicable, and in accordance with the Exchange Ratio,
                                         or the number of new shares resulting from the adjustments to the Exchange Ratio that
                                         could be exercised according to the Preliminary Merger Agreement.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 73%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: gray"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3-</FONT></TD><TD STYLE="text-align: justify; width: 67%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
                                         determined Exchange Ratio was considered fair from a financial perspective by the independent
                                         valuation experts JPMorgan Securities LLC (hired by Telecom Argentina) and Lion Tree
                                         Advisors LLC (hired by Cablevisi&oacute;n).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 73%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Finally,
The Board of Directors of Telecom Argentina, resolved to summon a General Ordinary and Extraordinary Shareholders&rsquo; Meeting
of Telecom Argentina to be held on August 31, 2017 in order to consider the Merger described herein and the documentation approved
by the Board of Directors.</FONT></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #3366FF; text-align: justify"><FONT STYLE="font: normal 18pt Arial, Helvetica, Sans-Serif"><U>Other
Relevant Matters</U></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #3366FF; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><U>Spectrum
Allocation to Telecom Personal</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font-size: 10pt">
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Telecom Personal, as a qualified applicant, participated in the procedure
of request for allocation on demand of wireless spectrum channels corresponding to the frequency band between 2,500 and 2,690
MHz. This procedure was approved by Resolution No. 3.687-E/17 of ENACOM, and published in the Official Gazette on May 12, 2017.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">On
July 6, 2017, Resolution No. 5478-E/2017 of ENACOM was published in the Official Gazette of the Argentine Republic, which provides
in section 3 the assignment to Telecom Personal of the frequencies included in Lot C foreseen in Resolution No. 3.687-E/17 of
ENACOM, in the localities detailed in the respective Annexes attached to Resolution No. 5.478-E/2017.</FONT></P>
</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
</TABLE>

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



<!-- Field: Page; Sequence: 8; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0; text-align: right"><IMG SRC="telecomargentinaexhibit001.jpg" ALT="(TELECOM)">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 73%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
spectrum allocation is for 15 years, starting on the day in which CABA + 13 areas over a total of 18 provincial capitals plus
Rosario, Mar del Plata and Bahia Blanca are free from interference, and will demand a maximum total payment of approximately USD
55.9 million (subject to certain clauses for compensation for early or late releases) that will be paid on the basis of the localities
released from interference, on the months of January of each calendar year following the day they were actually released.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center; color: #A6A6A6"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">*********</FONT></P>
</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: Gray"><B>www.telecom.com.ar</B></P></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: right"><IMG SRC="telecomargentinaexhibit001.jpg" ALT="">&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="telecomargentinaexhibit009.jpg" ALT="">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 68%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Nortel
                           Inversora S.A. (&lsquo;Nortel&rsquo;), which acquired the majority of the Company from the Argentine
                           government, holds 54.74% of Telecom&rsquo;s issued common stock. Nortel is a holding company whose common
                           stock (approximately 78% of capital stock) is owned by Sofora Telecomunicaciones S.A. Additionally,
                           Nortel capital stock is comprised of preferred shares that are held by minority shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: gray"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">As
of June 30, 2017, Telecom continued to have 984,380,978 shares issued and 969,159,605 shares outstanding.</FONT></P>

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

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

</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 212.65pt; text-align: center; text-indent: -212.65pt; color: gray"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 19%; padding-right: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: gray"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Pedro
                                         Insussarry</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: gray"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">(5411)
        4968 3743</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: gray"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: gray"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Solange
                                         Barthe Dennin</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: gray"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">(5411)
        4968 3752</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: gray"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: gray"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Luis
                                         F. Rial Ubago</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: gray"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">(5411)
        4968 3718</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: gray"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: gray"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Antonella
                                         Papaleo</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: gray"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">(5411)
        4968 6236</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: gray"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Voice
Mail: (5411) 4968 3628</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Financial
tables follow)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>*******</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center; color: gray"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: gray"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif">Mariano
Marcelo Ib&aacute;&ntilde;ez</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; color: gray"><FONT STYLE="font-size: 10pt"><IMG SRC="telecomargentinaexhibit001.jpg" ALT=""></FONT></P>

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B><I>TELECOM
ARGENTINA S.A.&nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B>Consolidated
information</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B><I>Six
month period and Second Quarter - Fiscal Year 2017</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B>(In
million of Argentine pesos)</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 204.2pt; color: gray"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>1- <U>Consolidated
    Balance Sheet</U></B></FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>06/30/17</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>12/31/16</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>&Delta;
    $</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>&Delta;
    %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Cash
    and cash equivalents</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">3,490</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">3,945</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(455)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-11.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Financial
    Investments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,652</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,751</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(99)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-5.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Trade
    receivables</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">7,854</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">7,577</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">277</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">3.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Other
    Receivables</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,038</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,011</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">27</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">2.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Inventories</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,251</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,278</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(27)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-2.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Total
    current assets</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>15,285</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>15,562</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>(277)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>-1.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Financial
    Investments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">3,531</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">324</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">3,207</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Trade
    receivables</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">15</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">208</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(193)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-92.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Property,
    plant and equipment (&lsquo;PP&amp;E&rsquo;)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">24,727</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">23,165</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,562</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">6.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Intangible
    assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">7,381</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">7,592</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(211)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-2.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Other
    Receivables</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,227</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,063</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">164</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">15.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Total
    non-current assets</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>36,881</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>32,352</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>4,529</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>14.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Total
    Assets</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>52,166</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>47,914</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>4,252</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>8.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Trade
    payables</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">9,963</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">8,979</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">984</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">11.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Deferred
    revenues</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,061</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">443</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">618</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">139.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Financial
    debt</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,604</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">3,266</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,662)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-50.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Salaries
    and social security payables</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,665</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,610</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">55</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">3.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Income
    tax payables</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,861</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">724</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,137</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">157.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Other
    taxes payables</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,327</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,149</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">178</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">15.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Dividend
    Payable</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">19</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash; </FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">19</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Other
    liabilities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">72</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">69</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">3</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">4.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Provisions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">340</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">271</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">69</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">25.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Total
    current liabilities</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>17,912</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>16,511</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,401</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>8.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Trade
    payables</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">157</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">152</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">5</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">3.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Deferred
    revenues</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">416</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">445</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(29)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-6.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Financial
    debt</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">7,844</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">8,646</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(802)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-9.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Salaries
    and social security payables</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">200</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">184</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">16</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">8.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Deferred
    income tax liabilities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">242</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">569</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(327)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-57.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Income
    tax payables</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">4</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">7</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-42.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Other
    liabilities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">199</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">170</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">29</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">17.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Provisions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,554</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,352</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">202</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">14.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Total
    non-current liabilities</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>10,616</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>11,525</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>(909)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>-7.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>TOTAL
    LIABILITIES</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>28,528</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>28,036</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>492</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Equity
    attributable to Telecom Argentina (Controlling Company)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>22,999</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>19,336</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>3,663</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>18.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Non-controlling
    interest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">639</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">542</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">97</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">17.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>TOTAL
    EQUITY</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>23,638</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>19,878</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>3,760</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>18.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>TOTAL
    LIABILITIES AND EQUITY</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>52,166</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>47,914</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>4,252</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>8.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>2- <U>Consolidated Loans</U></B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>06/30/17</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>12/31/16</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>&Delta;
    $</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>&Delta;
    %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Bank
    overdrafts - principal (Personal)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">42</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,666</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,624)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-97.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Bank
    overdrafts - principal (Telecom Argentina)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">66</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">41</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">25</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">61.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Banks
    loans - principal (Nucleo)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">158</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">219</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(61)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-27.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Banks
    loans - Other - principal (Personal)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash; </FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">620</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash; </FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Notes
    - principal (Personal)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">716</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">566</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">150</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">26.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">NDF</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">28</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">2</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">26</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Accrued
    interest (Personal)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">591</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">145</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">446</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Accrued
    interest (N&uacute;cleo)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">3</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">7</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(4)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-57.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Total
    Current Loans</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,604</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>3,266</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>(1,662)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>-50.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Notes
    - principal (Personal)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,338</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">2,084</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(746)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-35.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Banks
    loans - IFC Loan - principal (Personal)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">6,181</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">6,234</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(53)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-0.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Banks
    loans - principal (Nucleo)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">276</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">328</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(52)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-15.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">NDF</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">49</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash; </FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">49</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Total
    Non Current Loans</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>7,844</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>8,646</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>(802)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>-9.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 1pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Total
    Loans</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Gray 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>9,448</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Gray 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>11,912</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Gray 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>(2,464)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Gray 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>-20.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Cash
    and cash equivalents, and Financial Investments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">8,673</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">6,020</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">2,653</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">44.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 1pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Net
    Financial Position - (Debt)</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Gray 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>(775)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Gray 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>(5,892)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Gray 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>5,117</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Gray 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>-86.8%</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 186.25pt; color: gray"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 186.25pt; color: gray"><FONT STYLE="font-size: 10pt"><B><I></I></B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 186.25pt; color: gray; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 186.25pt; color: gray; text-align: right"><FONT STYLE="font-size: 10pt"><B><I><IMG SRC="telecomargentinaexhibit001.jpg" ALT=""></I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 186.25pt; color: gray; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B><I>TELECOM
ARGENTINA S.A.</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B>Consolidated
information</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B><I>Six
month period and Second Quarter - Fiscal Year 2017</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B>(In
million of Argentine pesos)</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 181.3pt; color: gray"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%; text-align: left"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>3-
    <U>Consolidated Income Statements</U></B></FONT></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>06/30/17</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>06/30/16</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>&Delta; $</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>&Delta; %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Revenues</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>30,544</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>25,406</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>5,138</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>20.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Other
    income</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">39</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">29</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">34.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Total
    Revenues &amp; Other Income</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>30,583</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>25,435</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>5,148</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>20.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Consolidated
    Operating Costs</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(24,732)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(21,714)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(3,018)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">13.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Operating
    income</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>5,851</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>3,721</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>2,130</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>57.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Finance
    results, net</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(260)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,046)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">786</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-75.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Net
    income before income tax expense</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>5,591</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>2,675</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>2,916</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>109.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Income
    tax expense</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,952)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(938)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,014)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">108.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Net
    income</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>3,639</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,737</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,902</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>109.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Attributable
    to:</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Telecom
    Argentina (Controlling Company)</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">3,615</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,725</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,890</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">109.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Non-controlling
    interest</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">24</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">12</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">12</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">100.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Operating
    income before D&amp;A</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>9,344</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>6,764</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>2,580</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>38.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">As
    % of Revenues</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">30.6%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">26.6%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Finance
    Income and Expenses</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>06/30/17</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>06/30/16</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>&Delta; $</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>&Delta; %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><I>Finance
    Income</I></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Gains
    on investments</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">314</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">206</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">108</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">52.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Gains
    on Mutual Funds</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">73</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">26</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">47</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">180.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Interest
    on receivables</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">339</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">151</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">188</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">124.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Foreign
    currency exchange gains</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">285</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">100</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">185</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">185.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Others</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Total
    finance income</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,016</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>483</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>533</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>110.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><I>Finance
    expenses</I></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Interest
    on financial debt</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(450)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(701)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">251</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-35.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Interest
    on salaries and social security, other taxes and accounts payable</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(26)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(14)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(12)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">85.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Interest
    on Provisions</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(164)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(117)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(47)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">40.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Present
    value effect of salaries and social security and other taxes payables and other</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Gray">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Gray">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Gray">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Gray">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Gray">1</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Gray">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Gray">-50.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">liabilities</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Quinquennial
    financial costs</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(23)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(19)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(4)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">21.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Foreign
    currency exchange losses</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(587)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(658)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">71</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-10.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">TUVES&rsquo;
    shares purchase option</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(21)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(10)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(11)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">110.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Others</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(4)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(8)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-50.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 1pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Total
    finance expenses</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Gray 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>(1,276)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Gray 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>(1,529)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Gray 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>253</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Gray 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>-16.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>(260)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>(1,046)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>786</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>-75.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>4-
    <U>Consolidated Income Statements</U></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>Three
    Months Comparison</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>06/30/17</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>06/30/16</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>&Delta; $</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>&Delta; %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Revenues</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>15,818</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>12,951</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>2,867</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>22.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Other
    income</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">23</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">13</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">130.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Total
    Revenues &amp; Other Income</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>15,841</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>12,961</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>2,880</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>22.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Consolidated
    Operating Costs</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(12,883)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(11,237)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,646)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">14.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Operating
    income</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>2,958</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,724</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,234</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>71.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Finance
    results, net</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(384)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(489)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">105</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-21.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Net
    income before income tax expense</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>2,574</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,235</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,339</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>108.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Income
    tax expense</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(901)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(433)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(468)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">108.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Net
    income</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,673</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>802</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>871</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>108.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Attributable
    to:</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Telecom
    Argentina (Controlling Company)</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,660</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">800</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">860</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">107.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Non-controlling
    interest</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">13</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">11</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Operating
    income before D&amp;A</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>4,706</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>3,362</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,344</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>40.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">As
    % of Revenues</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">29.8%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">26.0%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 43.7pt; color: gray">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 43.7pt; color: gray"></P>

<!-- Field: Page; Sequence: 3; Value: 10 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt; color: gray"><IMG SRC="telecomargentinaexhibit001.jpg" ALT=""></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B><I>TELECOM
ARGENTINA S.A.</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B>Consolidated
information</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B><I>Six
month period and Second Quarter - Fiscal Year 2017</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B>(In
millions of Argentine pesos)</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 38.75pt; color: gray"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>5- <U>Breakdown
    of the Income Statements</U></B></FONT></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>06/30/17</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>06/30/16</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>&Delta;
    $</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>&Delta;
    %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B><U>REVENUES
    FROM SERVICES</U></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>27,090</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>21,277</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>5,813</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>27.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B><I>Fixed Services</I></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>9,331</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>6,991</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>2,340</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>33.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Voice</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>3,976</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>2,751</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,225</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>44.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Internet</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>3,669</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>2,838</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>831</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>29.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Data</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,686</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,402</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>284</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>20.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B><I>Mobile
    Sevices</I></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>17,759</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>14,286</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>3,473</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>24.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B><I><U>Telecom
    Personal</U></I></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>16,492</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>13,158</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>3,334</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>25.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Outbound</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>14,400</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>11,788</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>2,612</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>22.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Postpaid</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">4,124</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">3,337</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">787</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">23.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Monthly basic charges</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">6,205</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">4,915</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,290</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">26.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Prepaid</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">4,071</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">3,536</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">535</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">15.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Inbound</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,323</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>725</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>598</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>82.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">From Fixed services - CPP</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">536</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">291</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">245</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">84.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">From Mobile services - TLRD</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">787</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">434</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">353</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">81.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Others</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>769</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>645</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>124</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>19.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B><I><U>N&uacute;cleo</U></I></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,267</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,128</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>139</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>12.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Outbound</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,100</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>916</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>184</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>20.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Postpaid</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">36</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">30</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">6</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">20.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Monthly basic charges</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">425</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">362</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">63</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">17.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Prepaid</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">639</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">524</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">115</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">21.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Inbound</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>64</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>62</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>2</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>3.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">From Fixed services - Interconnection</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">4</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">5</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-20.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">From Mobile services - TLRD</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">60</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">57</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">3</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">5.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Others</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>103</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>150</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>(47)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>-31.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B><U>REVENUES
    FROM EQUIPMENT SALES</U></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>3,454</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>4,129</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>(675)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>-16.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B><I>Fixed
    Services</I></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>25</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>65</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>(40)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>-61.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B><I>Mobile
    Services</I></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>3,429</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>4,064</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>(635)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>-15.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Equipments (Personal)</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">3,379</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">3,938</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(559)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-14.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Equipments (N&uacute;cleo)</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">50</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">126</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(76)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-60.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B><U>REVENUES</U></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>30,544</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>25,406</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>5,138</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>20.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B><U>OTHER
    INCOME</U></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>39</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>29</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>10</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>34.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Fixed</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">32</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">21</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">11</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">52.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Mobile</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">7</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">8</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-12.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B><U>TOTAL
    REVENUES &amp; OTHER INCOME</U></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>30,583</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>25,435</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>5,148</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>20.2%</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 43.7pt; color: gray"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 43.7pt; color: gray"><FONT STYLE="font-size: 10pt"><B><I></I></B></FONT></P>

<!-- Field: Page; Sequence: 4; Value: 10 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: gray"><B>www.telecom.com.ar</B></P></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt"><B><I><IMG SRC="telecomargentinaexhibit001.jpg" ALT=""></I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B><I>TELECOM
ARGENTINA S.A.</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B>Consolidated
information</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B><I>Six
month period and Second Quarter - Fiscal Year 2017</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B>(In
millions of Argentine pesos)</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 38.75pt; color: gray"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%; text-align: left"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>6-
    <U>Breakdown of the Income Statements</U></B></FONT></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>Three
    Months Comparison</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>06/30/17</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>06/30/16</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>&Delta; $</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>&Delta; %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B><U>REVENUES
    FROM SERVICES</U></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>13,863</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>10,872</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>2,991</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>27.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B><I>Fixed
    Services</I></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>4,842</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>3,585</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>1,257</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>35.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Voice</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>2,068</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,424</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>644</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>45.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Internet</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,903</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,447</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>456</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>31.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Data</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>871</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>714</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>157</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>22.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B><I>Mobile
    Sevices</I></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>9,021</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>7,287</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>1,734</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>23.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B><I><U>Telecom
    Personal</U></I></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>8,383</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>6,707</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,676</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>25.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Outbound</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>7,357</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>6,018</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,339</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>22.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Postpaid</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">2,079</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,703</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">376</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">22.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Monthly basic charges</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">3,170</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">2,520</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">650</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">25.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Prepaid</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">2,108</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,795</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">313</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">17.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Inbound</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>626</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>365</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>261</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>71.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">From Fixed services - CPP</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">259</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">145</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">114</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">78.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">From Mobile services - TLRD</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">367</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">220</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">147</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">66.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Others</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>400</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>324</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>76</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>23.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B><I><U>N&uacute;cleo</U></I></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>638</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>580</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>58</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>10.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Outbound</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>569</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>474</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>95</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>20.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Postpaid</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">27</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">35.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Monthly basic charges</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">215</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">185</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">30</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">16.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Prepaid</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">327</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">269</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">58</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">21.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Inbound</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>32</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>32</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>&mdash;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>&mdash;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">From Fixed services - Interconnection</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">From Mobile services - TLRD</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">30</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">30</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Others</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>37</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>74</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>(37)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>-50.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B><U>REVENUES
    FROM EQUIPMENT SALES</U></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>1,955</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>2,079</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>(124)</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>-6.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B><I>Fixed
    Services</I></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>3</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>32</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>(29)</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>-90.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B><I>Mobile
    Services</I></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>1,952</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>2,047</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>(95)</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>-4.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Equipments (Personal)</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,926</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,981</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(55)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-2.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Equipments (N&uacute;cleo)</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">26</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">66</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(40)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-60.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B><U>REVENUES</U></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>15,818</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>12,951</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>2,867</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>22.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B><U>OTHER
    INCOME</U></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>23</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>10</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>13</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>130.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Fixed</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">19</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">13</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Mobile</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B><U>TOTAL
    REVENUES &amp; OTHER INCOME</U></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>15,841</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>12,961</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>2,880</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>22.2%</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 43.7pt; color: gray"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 43.7pt; color: gray"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 5; Value: 10 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: gray"><B>www.telecom.com.ar</B></P></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt"><IMG SRC="telecomargentinaexhibit001.jpg" ALT=""></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B><I>TELECOM
ARGENTINA S.A.</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B>Consolidated
information</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B><I>Six
month period and Second Quarter - Fiscal Year 2017</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B>(In
millions of Argentine pesos)</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 38.75pt; color: gray"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%; text-align: left"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>7-
    <U>Consolidated Income Statements</U></B></FONT></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>06/30/17</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>06/30/16</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>&Delta;
    $</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>&Delta;
    %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Revenues</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">30,544</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">25,406</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">5,138</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">20.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Other income</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">39</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">29</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">34.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Total Revenues &amp; Other Income</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>30,583</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>25,435</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>5,148</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>20.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Employee benefit expenses and severance
    payments</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(5,878)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(4,435)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,443)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">32.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Interconnection costs and other
    telecommunication charges</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,532)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,330)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(202)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">15.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Fees for services, maintenance,
    materials and supplies</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(2,959)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(2,335)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(624)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">26.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Taxes and fees with the Regulatory
    Authority</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(2,870)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(2,494)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(376)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">15.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Commissions</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,803)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,850)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">47</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-2.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Cost of equipments and handsets</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(2,769)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(3,083)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">314</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-10.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Advertising</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(479)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(371)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(108)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">29.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Cost of Value Added Services</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(466)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(792)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">326</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-41.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Provisions</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(259)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(81)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(178)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Bad debt expenses</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(675)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(518)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(157)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">30.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Other operating expenses</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,549)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,382)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(167)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">12.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Subtotal Operating costs before
    D&amp;A</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>(21,239)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>(18,671)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>(2,568)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>13.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Operating income before D&amp;A</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>9,344</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>6,764</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>2,580</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>38.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">D&amp;A</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(3,392)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(2,894)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(498)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">17.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Disposals and Impairment of PP&amp;E</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(101)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(149)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">48</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-32.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Operating income</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>5,851</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>3,721</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>2,130</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>57.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Finance Income</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,016</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">483</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">533</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">110.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Finance Expenses</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,276)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,529)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">253</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-16.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Net income before income tax
    expense</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>5,591</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>2,675</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>2,916</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>109.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Income tax expense</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,952)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(938)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,014)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">108.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 1pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Net Income</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Gray 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>3,639</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Gray 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,737</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Gray 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,902</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Gray 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>109.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Attributable to:</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Telecom Argentina (Controlling
    Company)</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">3,615</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,725</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,890</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">109.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Non-controlling interest</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">24</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">12</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">12</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">100.0%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 43.7pt; color: gray"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 43.7pt; color: gray"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 6; Value: 10 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt; color: gray">&nbsp;<IMG SRC="telecomargentinaexhibit001.jpg" ALT=""></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B><I>TELECOM
ARGENTINA S.A.</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B>Consolidated
information</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B><I>Six
month period and Second Quarter - Fiscal Year 2017</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 10pt; color: #546EB3"><B>(In
millions of Argentine pesos)</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 38.75pt; color: gray"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%; text-align: left"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>8-
    <U>CONSOLIDATED INCOME STATEMENTS</U></B></FONT></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>Three
    Months Comparison</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 8pt; color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>06/30/17</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>06/30/16</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>&Delta;
    $</B></FONT></TD>
    <TD><FONT STYLE="color: #546EB3">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #546EB3"><B>&Delta;
    %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Revenues</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">15,818</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">12,951</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">2,867</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">22.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Other income</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">23</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">13</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">130.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Total Revenues &amp; Other Income</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>15,841</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>12,961</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>2,880</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>22.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Employee benefit expenses and severance
    payments</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(3,139)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(2,261)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(878)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">38.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Interconnection costs and other
    telecommunication charges</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(741)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(623)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(118)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">18.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Fees for services, maintenance,
    materials and supplies</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,600)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,242)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(358)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">28.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Taxes and fees with the Regulatory
    Authority</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,480)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,286)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(194)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">15.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Commissions</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(891)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(960)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">69</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-7.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Cost of equipments and handsets</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,609)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,584)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(25)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Advertising</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(256)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(179)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(77)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">43.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Cost of Value Added Services</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(183)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(402)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">219</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-54.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Provisions</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(105)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(67)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(38)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">56.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Bad debt expenses</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(333)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(263)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(70)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">26.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Other operating expenses</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(798)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(732)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(66)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">9.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Subtotal Operating costs before
    D&amp;A</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>(11,135)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>(9,599)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>(1,536)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>16.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Operating income before D&amp;A</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>4,706</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>3,362</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,344</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>40.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">D&amp;A</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,719)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(1,519)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(200)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">13.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Disposals and Impairment of PP&amp;E</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(29)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(119)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">90</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">-75.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Operating income</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>2,958</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,724</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,234</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>71.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Finance Income</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">347</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">117</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">230</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">196.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Finance Expenses</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(731)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(606)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(125)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">20.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Net income before income tax
    expense</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>2,574</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,235</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,339</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>108.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Income tax expense</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(901)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(433)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">(468)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">108.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 1pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>Net Income</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Gray 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>1,673</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Gray 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>802</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Gray 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>871</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Gray 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray"><B>108.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Attributable to:</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Telecom Argentina (Controlling
    Company)</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">1,660</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">800</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">860</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">107.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">Non-controlling interest</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">13</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">11</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray">&mdash;</FONT></TD></TR>
</TABLE>


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

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</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">&nbsp;</FONT></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">&nbsp;</FONT></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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&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">August 11, 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>

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

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

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

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<DOCUMENT>
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<DOCUMENT>
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<SEQUENCE>8
<FILENAME>telecomargentinaexhibit007.jpg
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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
