<SEC-DOCUMENT>0001104659-17-043256.txt : 20170703
<SEC-HEADER>0001104659-17-043256.hdr.sgml : 20170703
<ACCEPTANCE-DATETIME>20170703155554
ACCESSION NUMBER:		0001104659-17-043256
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20170703
DATE AS OF CHANGE:		20170703
GROUP MEMBERS:		DAVID MARTINEZ
GROUP MEMBERS:		FINTECH ADVISORY INC.
GROUP MEMBERS:		NORTEL INVERSORA S.A.
GROUP MEMBERS:		SOFORA TELECOMUNICACIONES S.A.

SUBJECT COMPANY:	

	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:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-49901
		FILM NUMBER:		17945436

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Fintech Telecom, LLC
		CENTRAL INDEX KEY:			0001616126
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		(212) 593-3461

	MAIL ADDRESS:	
		STREET 1:		375 PARK AVENUE
		STREET 2:		SUITE 3804
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10152
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>a17-16047_1sc13da.htm
<DESCRIPTION>SC 13D/A
<TEXT>


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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">SECURITIES AND   EXCHANGE COMMISSION</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, DC 20549</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">SCHEDULE 13D</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Under the Securities Exchange Act of 1934 <br> (Amendment No. 12)*</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name of Issuer)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CLASS B ORDINARY SHARES</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Title of Class of Securities)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">879273209</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(CUSIP Number)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Julio R. Rodriguez, Jr.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Fintech Advisory Inc.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">375 Park Avenue</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">New York, NY 10152</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(212) 593-4500</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name, Address and Telephone Number of Person<br> Authorized to Receive Notices and Communications)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">With copies to:</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Richard J. Cooper, Esq.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Adam Brenneman, Esq.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Cleary, Gottlieb, Steen &amp; Hamilton LLP</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">One Liberty Plaza</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">New York, New York 10006</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(212) 225-2000</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">June 30, 2017</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Date of Event Which Requires Filing of this Statement)<br><br></font></p>
<p style="margin:0in .5in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
<p style="margin:5.0pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Note</font></b><font size="2" style="font-size:10.0pt;">: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent. </font></p>
<p style="margin:5.0pt .5in;"><font size="1" face="Times New Roman" style="font-size:6.5pt;position:relative;top:-3.0pt;">*</font><font size="2" style="font-size:10.0pt;">&#160;The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. </font></p>
<p style="margin:0in .5in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information required on the remainder of this cover page shall not be deemed to be &quot;filed&quot; for the purpose of Section 18 of the Securities Exchange Act of 1934 (the &quot;Act&quot;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</font></p>
<p style="margin:0in .5in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSIP   No.&nbsp; </font><font size="2" style="font-size:10.0pt;">&nbsp;879273209</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></p>    </td>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Names of Reporting Persons<br>   David Mart&#237;nez</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>    </td>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the   Appropriate Box if a Member of a Group (See Instructions)</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>    </td>
<td width="82%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:82.74%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></p>    </td>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SEC Use   Only </font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font></p>    </td>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Source of   Funds (See Instructions)<br>    </font><font size="2" style="font-size:10.0pt;">AF</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check if Disclosure of Legal   Proceedings Is Required Pursuant to Items 2(d) or 2(e)&nbsp; </font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citizenship or Place of   Organization<br>    </font><font size="2" style="font-size:10.0pt;">United   Kingdom</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="12%" colspan="3" rowspan="7" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:12.04%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of<br>   Class B Shares<br>   Beneficially<br>   Owned by<br>   Each<br>   Reporting<br>   Person With</font></p>    </td>
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sole   Voting Power <br>    </font><font size="2" style="font-size:10.0pt;">95,005,930</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shared   Voting Power</font><font size="2" style="font-size:10.0pt;">  <br><br></font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sole   Dispositive Power</font><font size="2" style="font-size:10.0pt;">  <br>   95,005,930</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shared Dispositive Power</font><font size="2" style="font-size:10.0pt;">  <br><br></font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate   Amount Beneficially Owned by Each Reporting Person</font><font size="2" style="font-size:10.0pt;">  <br>   95,005,930</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check if   the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Percent   of Class Represented by Amount in Row (11)</font><font size="2" style="font-size:10.0pt;">  <br>   20.35%</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Type of   Reporting Person (See Instructions)</font><font size="2" style="font-size:10.0pt;"><br>   IN</font></p>    </td>   </tr>
<tr height="0">
<td width="23" style="border:none;"></td>
<td width="40" style="border:none;"></td>
<td width="22" style="border:none;"></td>
<td width="32" style="border:none;"></td>
<td width="5" style="border:none;"></td>
<td width="586" style="border:none;"></td>   </tr> </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;position:relative;top:-3.0pt;">1</font><font size="2" style="font-size:10.0pt;">&nbsp; David Mart&#237;nez exercises his rights over the Class&nbsp;B Shares (as defined in Item 1 below) set forth in this line item indirectly through Fintech Advisory Inc., Fintech Telecom, LLC, Sofora </font><font size="2" style="font-size:10.0pt;">Telecomunicaciones S.A. and Nortel Inversora S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" style="font-size:10.0pt;">2</font><font size="2"><a name="PB_2_161630_7670"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
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<td width="100%" colspan="6" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSIP   No.&nbsp; </font><font size="2" style="font-size:10.0pt;">&nbsp;879273209</font></p>    </td>   </tr>
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<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Names of Reporting Persons.<br>   Fintech Advisory Inc. </font></p>    </td>   </tr>
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<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>    </td>
<td width="91%" colspan="4" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the   Appropriate Box if a Member of a Group (See Instructions)</font></p>    </td>   </tr>
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<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="3" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.36%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>    </td>
<td width="82%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:82.74%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="3" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.36%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>    </td>
<td width="82%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:82.74%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SEC Use   Only </font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Source of   Funds (See Instructions)<br>    </font><font size="2" style="font-size:10.0pt;">AF</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check if Disclosure of Legal   Proceedings Is Required Pursuant to Items 2(d) or 2(e)&nbsp; </font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citizenship or Place of   Organization<br>    </font><font size="2" style="font-size:10.0pt;">Delaware</font></p>    </td>   </tr>
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<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="12%" colspan="3" rowspan="7" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:12.04%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of<br>   Class B Shares<br>   Beneficially<br>   Owned by<br>   Each<br>   Reporting<br>   Person With</font></p>    </td>
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sole   Voting Power <br>    </font><font size="2" style="font-size:10.0pt;">95,005,930   </font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(2)</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shared   Voting Power</font><font size="2" style="font-size:10.0pt;">  <br><br></font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sole   Dispositive Power</font><font size="2" style="font-size:10.0pt;">  <br>   95,005,930</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shared Dispositive Power</font><font size="2" style="font-size:10.0pt;">  <br><br></font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate   Amount Beneficially Owned by Each Reporting Person</font><font size="2" style="font-size:10.0pt;">  <br>   95,005,930</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check if   the Aggregate Amount in Row (11) Excludes Certain Class B Shares (See   Instructions)</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Percent   of Class Represented by Amount in Row (11)</font><font size="2" style="font-size:10.0pt;">  <br>   20.35%</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Type of   Reporting Person (See Instructions)</font><font size="2" style="font-size:10.0pt;"><br>   HC, CO, IA</font></p>    </td>   </tr>
<tr height="0">
<td width="23" style="border:none;"></td>
<td width="40" style="border:none;"></td>
<td width="22" style="border:none;"></td>
<td width="32" style="border:none;"></td>
<td width="5" style="border:none;"></td>
<td width="586" style="border:none;"></td>   </tr> </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;position:relative;top:-3.0pt;">2</font><font size="2" style="font-size:10.0pt;">&nbsp; Fintech Advisory Inc. exercises its rights over the Class&nbsp;B Shares (as defined in Item 1 below) set forth in this line item indirectly through Fintech Telecom, LLC, Sofora </font><font size="2" style="font-size:10.0pt;">Telecomunicaciones S.A. and Nortel Inversora S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" style="font-size:10.0pt;">3</font><font size="2"><a name="PB_3_161710_7056"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSIP   No.&nbsp; </font><font size="2" style="font-size:10.0pt;">&nbsp;879273209</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Names of Reporting Persons.<br>   Fintech Telecom, LLC</font></p>    </td>   </tr>
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<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>    </td>
<td width="91%" colspan="4" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the   Appropriate Box if a Member of a Group (See Instructions)</font></p>    </td>   </tr>
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<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="3" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.36%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>    </td>
<td width="82%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:82.74%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="3" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.36%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>    </td>
<td width="82%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:82.74%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SEC Use   Only </font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Source of   Funds (See Instructions)<br>    </font><font size="2" style="font-size:10.0pt;">AF</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check if Disclosure of Legal   Proceedings Is Required Pursuant to Items 2(d) or 2(e)&nbsp; </font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citizenship or Place of   Organization<br>    </font><font size="2" style="font-size:10.0pt;">Delaware</font></p>    </td>   </tr>
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<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="12%" colspan="3" rowspan="7" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:12.04%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of<br>   Class B Shares<br>   Beneficially<br>   Owned by<br>   Each<br>   Reporting<br>   Person With</font></p>    </td>
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sole   Voting Power <br>    </font><font size="2" style="font-size:10.0pt;">95,005,930</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(3)</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shared   Voting Power</font><font size="2" style="font-size:10.0pt;">  <br><br></font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sole   Dispositive Power</font><font size="2" style="font-size:10.0pt;">  <br>   95,005,930</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shared Dispositive Power</font><font size="2" style="font-size:10.0pt;">  <br><br></font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate   Amount Beneficially Owned by Each Reporting Person</font><font size="2" style="font-size:10.0pt;">  <br>   95,005,930</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check if   the Aggregate Amount in Row (11) Excludes Certain Class B Shares (See   Instructions)</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Percent   of Class Represented by Amount in Row (11)</font><font size="2" style="font-size:10.0pt;">  <br>   20.35%</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Type of   Reporting Person (See Instructions)</font><font size="2" style="font-size:10.0pt;"><br>   HC</font></p>    </td>   </tr>
<tr height="0">
<td width="23" style="border:none;"></td>
<td width="40" style="border:none;"></td>
<td width="22" style="border:none;"></td>
<td width="32" style="border:none;"></td>
<td width="5" style="border:none;"></td>
<td width="586" style="border:none;"></td>   </tr> </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;position:relative;top:-3.0pt;">3</font><font size="2" style="font-size:10.0pt;">&nbsp; Fintech Telecom, LLC, together with David Mart&#237;nez and Fintech Advisory Inc., exercises its rights over 36,832,408 of the Class&nbsp;B Shares (as defined in Item 1 below) set forth in this line item indirectly through Sofora Telecomunicaciones S.A. and Nortel Inversora S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" style="font-size:10.0pt;">4</font><font size="2"><a name="PB_4_161711_5335"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<td width="100%" colspan="6" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSIP   No.&nbsp; </font><font size="2" style="font-size:10.0pt;">&nbsp;879273209</font></p>    </td>   </tr>
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<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Names of Reporting Persons<br>   Sofora Telecomunicaciones S.A.</font></p>    </td>   </tr>
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<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>    </td>
<td width="91%" colspan="4" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the   Appropriate Box if a Member of a Group (See Instructions)</font></p>    </td>   </tr>
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<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="3" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.36%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>    </td>
<td width="82%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:82.74%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="3" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.36%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>    </td>
<td width="82%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:82.74%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SEC Use   Only </font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Source of   Funds (See Instructions)<br>    </font><font size="2" style="font-size:10.0pt;">N/A</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check if Disclosure of Legal   Proceedings Is Required Pursuant to Items 2(d) or 2(e)&nbsp; </font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citizenship or Place of   Organization<br>    </font><font size="2" style="font-size:10.0pt;">Argentina</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="12%" colspan="3" rowspan="7" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:12.04%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of<br>   Class B Shares<br>   Beneficially<br>   Owned by<br>   Each<br>   Reporting<br>   Person With</font></p>    </td>
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sole   Voting Power <br>    </font><font size="2" style="font-size:10.0pt;">36,832,408</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(4)</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shared   Voting Power</font><font size="2" style="font-size:10.0pt;">  <br><br></font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sole   Dispositive Power</font><font size="2" style="font-size:10.0pt;">  <br>   36,832,408</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shared Dispositive Power</font><font size="2" style="font-size:10.0pt;">  <br><br></font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate   Amount Beneficially Owned by Each Reporting Person</font><font size="2" style="font-size:10.0pt;">  <br>   36,832,408</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check if   the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Percent   of Class Represented by Amount in Row (11)</font><font size="2" style="font-size:10.0pt;">  <br>   7.89%</font></p>    </td>   </tr>
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<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Type of   Reporting Person (See Instructions)</font><font size="2" style="font-size:10.0pt;"><br>   HC, CO</font></p>    </td>   </tr>
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<td width="23" style="border:none;"></td>
<td width="40" style="border:none;"></td>
<td width="22" style="border:none;"></td>
<td width="32" style="border:none;"></td>
<td width="5" style="border:none;"></td>
<td width="586" style="border:none;"></td>   </tr> </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;position:relative;top:-3.0pt;">4</font><font size="2" style="font-size:10.0pt;">&nbsp;</font><font size="2" style="font-size:10.0pt;"> Sofora Telecomunicaciones S.A. exercises its rights over the Class&nbsp;B Shares (as defined in Item 1 below) </font><font size="2" style="font-size:10.0pt;">set forth in this line item indirectly </font><font size="2" style="font-size:10.0pt;">through its participation in Nortel Inversora S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" style="font-size:10.0pt;">5</font><font size="2"><a name="PB_5_161751_5796"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSIP   No.&nbsp; </font><font size="2" style="font-size:10.0pt;">&nbsp;879273209</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></p>    </td>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Names of Reporting Persons<br>   Nortel Inversora S.A.</font></p>    </td>   </tr>
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<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>    </td>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the   Appropriate Box if a Member of a Group (See Instructions)</font></p>    </td>   </tr>
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<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="3" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.36%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>    </td>
<td width="82%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:82.74%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="3" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.36%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>    </td>
<td width="82%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:82.74%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SEC Use   Only </font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Source of   Funds (See Instructions)<br>    </font><font size="2" style="font-size:10.0pt;">N/A</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check if Disclosure of Legal   Proceedings Is Required Pursuant to Items 2(d) or 2(e)&nbsp; </font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citizenship or Place of   Organization<br>    </font><font size="2" style="font-size:10.0pt;">Argentina</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="12%" colspan="3" rowspan="7" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:12.04%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of<br>   Class B Shares<br>   Beneficially<br>   Owned by<br>   Each<br>   Reporting<br>   Person With</font></p>    </td>
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sole   Voting Power <br>    </font><font size="2" style="font-size:10.0pt;">36,832,408</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(5)</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shared   Voting Power</font><font size="2" style="font-size:10.0pt;">  <br><br></font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sole   Dispositive Power</font><font size="2" style="font-size:10.0pt;">  <br><br></font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shared Dispositive Power</font><font size="2" style="font-size:10.0pt;">  <br><br></font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate   Amount Beneficially Owned by Each Reporting Person</font><font size="2" style="font-size:10.0pt;">  <br>   36,832,408</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check if   the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Percent   of Class Represented by Amount in Row (11)</font><font size="2" style="font-size:10.0pt;">  <br>   7.89%</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Type of   Reporting Person (See Instructions)</font><font size="2" style="font-size:10.0pt;"><br>   HC, CO</font></p>    </td>   </tr>
<tr height="0">
<td width="23" style="border:none;"></td>
<td width="40" style="border:none;"></td>
<td width="22" style="border:none;"></td>
<td width="32" style="border:none;"></td>
<td width="5" style="border:none;"></td>
<td width="586" style="border:none;"></td>   </tr> </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;position:relative;top:-3.0pt;">5</font><font size="2" style="font-size:10.0pt;">&nbsp; Fintech Telecom, LLC may be deemed to have shared voting and shared dispositive power over the 36,832,408 of </font><font size="2" style="font-size:10.0pt;">the Class&nbsp;B Shares (as defined in Item 1 below) </font><font size="2" style="font-size:10.0pt;">set forth in this line item</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" style="font-size:10.0pt;">6</font><font size="2"><a name="PB_6_162151_2897"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1.&nbsp;&nbsp;Security and Issuer</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Amendment No.&nbsp;12 (the &#147;</font><b>Twelfth Amendment</b>&#148;) amends the Schedule 13D filed with the Securities and Exchange Commission (the &#147;<b>SEC</b>&#148;) on March&nbsp;18, 2016, as subsequently amended (the &#147;<b>Schedule 13D</b>&#148;) by the Reporting Persons, with respect to the Class&nbsp;B shares, Ps. 1.00 par value per share (the &#147;<b>Class&nbsp;B Shares</b>&#148;), of Telecom Argentina S.A. (the &#147;<b>Issuer</b>&#148;).&#160; Capitalized terms used but not otherwise defined in this Twelfth Amendment have the meanings ascribed to such terms in the Schedule 13D.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 4.&nbsp;&nbsp;Purpose of Transaction</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 4 is amended by adding the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;22, 2017, the shares representing the remaining 15% of the capital stock of Sofora issued by Sofora and owned by WAI were amortized pursuant to the Share Amortization Agreement. As a result of the amortization, FTL owns 100% of the capital stock of Sofora, and WAI is no longer a shareholder of Sofora.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;30, 2017, the Issuer and Cablevisi&#243;n S.A. (&#147;</font><b>Cablevisi&#243;n</b>&#148;) entered into a Preliminary Merger Agreement (<i>Compromiso Previo de Fusi&#243;n</i>) (the &#147;<b>Cablevisi&#243;n Preliminary Merger Agreement</b>&#148;), which set forth the preliminary terms and conditions, as approved by the board of directors of each company, of a proposed merger between the Issuer and Cablevisi&#243;n (the &#147;<b>Merger</b>&#148;).&#160; The consummation of the Merger is subject to the receipt of necessary regulatory approvals, including the receipt of the authorization from ENACOM (<i>Ente Nacional de Comunicaciones</i>), and customary closing conditions, including the approval by the shareholders of Issuer and Cablevisi&#243;n at their respective ordinary and extraordinary and extraordinary shareholders meeting to be called to consider the approval of the Merger.&#160; A copy and free translation of the Preliminary Merger Agreement are attached hereto as Exhibits 29 and 30 and incorporated herein by reference.&#160; In addition, a press release published by the Issuer announcing the Cablevisi&#243;n Preliminary Merger Agreement is attached hereto as Exhibit&nbsp;30 and incorporated herein by reference.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Merger is successfully completed:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cablevisi&#243;n will dissolve without liquidation and transfer all of its rights, obligations, assets and liabilities to the Issuer;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cablevisi&#243;n will merge into the Issuer and the Issuer would become the surviving entity;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Shareholders of Cablevisi&#243;n will be considered shareholders of the Issuer as of the effective date of the Merger;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Issuer will amend its bylaws, subject to the approval of its shareholders at an extraordinary shareholders&#146; meeting that considers the Merger, which will become effective as of the effective date of the Merger;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Issuer will create a new class of shares of the Issuer&#146;s capital stock (Class&nbsp;D) that will have the same voting and economic rights as Class&nbsp;A stock of the Issuer, and pursuant to the amended bylaws of the Issuer, directors nominated by Class&nbsp;A and Class&nbsp;D capital shareholders and the Class&nbsp;A and Class&nbsp;D capital shareholders (if the matters are presented for the consideration of such shareholders), will have supermajority rights with respect to certain matters, including:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>certain increases in key employees compensation;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the merger or consolidation of the Issuer, with limited exceptions;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>certain acquisitions or dispositions of the Issuer or its subsidiaries;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the issuance, redemption repurchase by the Issuer of any of its capital stock;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the incurrence of indebtedness above certain thresholds;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the making of capital expenditures not contemplated in a business plan or annual budget in excess of U.S.$45 million in the aggregate in a given fiscal year, excluding certain capital expenditures made for improvement or maintenance purposes;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the entering into of certain material contracts;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any transaction with an affiliate of a shareholder party to the TEO Shareholders Agreement;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the deregistration of any securities of the Issuer; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>certain modifications to the Issuer&#146;s dividend policy;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">7<a name="PB_7_230934_2824"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Class&nbsp;A and Class&nbsp;D capital stock will not be registered with the U.S. Securities and Exchange Commission and will not be listed on any U.S. stock exchange;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Issuer will increase its share capital and issue additional Class&nbsp;A shares and new Class&nbsp;D shares of the Issuer&#146;s capital stock, each of which will be convertible to Class&nbsp;B Shares;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The additional Class&nbsp;A shares and new Class&nbsp;D shares of the Issuer will be distributed as follows:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>FM to receive 169,900,858 Class&nbsp;A shares;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CVH to receive 406,757,183 new Class&nbsp;D shares; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>VLG to receive 607,870,365 new shares, comprised of Class&nbsp;A shares and Class&nbsp;D shares equivalent to the ownership FM and CVH have in VLG upon the effectiveness of the Merger;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Issuer&#146;s new shares will be allocated based on a fixed exchange ratio of 1 share of Cablevisi&#243;n for every 9,871.07005 additional Class&nbsp;A shares or new Class&nbsp;D shares of the Issuer&#146;s capital stock, subject to the approval by the shareholders of the Issuer and Cablevisi&#243;n, among Fintech Media LLC, a subsidiary of FAI (&#147;<b>FM</b>&#148;) and shareholder of Cablevision and VLG, Cablevisi&#243;n Holdings S.A., a shareholder of&#160; Cablevisi&#243;n and VLG (&#147;<b>CVH</b>&#148;), and VLG Argentina LLC, a majority shareholder of Cablevisi&#243;n (&#147;<b>VLG</b>&#148;); and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FM, an affiliate of FTL, currently holds approximately 14.34% of the common stock of Cablevisi&#243;n directly and holds 50% of the membership interest in VLG, which owns 51.32% of the common stock of Cablevisi&#243;n. &#160;&#160;As a result of the Merger, FM would be entitled to receive Class&nbsp;A shares of the Issuer representing approximately 7.88% of the post-Merger capital stock of the Issuer, and VLG would be entitled to receive a combination of Class&nbsp;A shares and Class&nbsp;D shares of the Issuer representing approximately 28.22% of the post-Merger capital stock of the Issuer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The summary of the Preliminary Merger Agreement contained in this Twelfth Amendment is qualified in its entirety by reference to the full version of such agreement attached as an exhibit hereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, FAI, FT, FM and CVH and their respective controlling shareholders intend to negotiate and execute a shareholders agreement that will govern their respective interests in the capital stock of the Issuer as the surviving company, upon effectiveness of the Merger and the Corporate Reorganization.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.&nbsp;&nbsp;Interest in Securities of the Issuer</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 5 is amended and restated as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;As of the date of this filing, the Reporting Persons have the following direct beneficial ownership interests in</font> the Class&nbsp;B Shares.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Directly&nbsp;Owned</font></b><b><font size="1" style="font-size:5.0pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="24%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Indirectly&nbsp;Owned</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="24%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Directly&nbsp;and&nbsp;Indirectly&nbsp;Owned</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">%&nbsp;of&nbsp;Class</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">%&nbsp;of&nbsp;Class</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">%&nbsp;of&nbsp;Class</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">David   Mart&#237;nez</font></b><b><font size="1" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">(2)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">95,005,930</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.35</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">95,005,930</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">20.35</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.04%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">%</font></b></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FAI</font></b><b><font size="1" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">(3)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">95,005,930</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.35</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">95,005,930</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">20.35</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">%</font></b></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FTL</font></b><b><font size="1" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">(4)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">58,173,522</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.5</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36,832,408</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.89</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">95,005,930</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">20.35</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.04%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">%</font></b></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Sofora</font></b><b><font size="1" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">(5)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36,832,408</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.89</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">36,832,408</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.89</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">%</font></b></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Nortel</font></b><b><font size="1" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">(6)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36,832,408</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.89</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">36,832,408</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.89</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.04%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">%</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;All percentages are based on 466,883,425 Class&nbsp;B Shares (excluding treasury shares).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;David Mart&#237;nez is the sole shareholder of FAI.&#160; FTL is a wholly-owned subsidiary of FTL.&#160; Consequently, David Mart&#237;nez may be deemed to indirectly beneficially own all Class&nbsp;B Shares beneficially owned, directly and indirectly, by FTL.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp;FTL is a wholly-owned subsidiary of FAI.&#160; Consequently, FAI may be deemed to indirectly beneficially own all Class&nbsp;B Shares beneficially owned, directly and indirectly, by FTL.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&nbsp;FTL owns 100% of Sofora&#146;s capital stock and thus may be deemed to indirectly beneficially own all of the Class&nbsp;B Shares indirectly beneficially owned by Sofora.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">8<a name="PB_8_231128_141"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&nbsp;Sofora owns 5,330,400 ordinary shares of Nortel, representing 100% of the Nortel ordinary stock and 78.38% of the Nortel capital stock. The outstanding Class&nbsp;B preferred shares of Nortel represent respectively 21.62% of the capital stock of Nortel. The ordinary shares are the only class of full voting stock. The Class&nbsp;B preferred shares have no voting rights and the American Depositary Receipts representing them are listed on the NYSE. Sofora does not own any such Class&nbsp;B preferred shares of Nortel.&nbsp; Consequently, Sofora may be deemed to indirectly beneficially own all of the Class&nbsp;B Shares directly beneficially owned by Nortel.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&nbsp;Nortel owns 502,034,299 Class&nbsp;A ordinary shares of the Issuer (representing 100% of this class and 51% of the Issuer&#146;s total capital stock) and 36,832,408 Class&nbsp;B ordinary shares of the Issuer (representing approximately 7.89% of this class and 3.74% of the Issuer&#146;s total capital stock). In aggregate Nortel owns 538,866,707 ordinary shares, representing approximately 54.74% of the capital stock and of the voting power of the Issuer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;FTL has the sole power to vote, dispose and direct the disposition of the Class&nbsp;B Shares directly beneficially owned by it (the &#147;</font><b>FTL-Owned Class&nbsp;B Shares</b>&#148;). FAI exercises its rights over the FTL-Owned Class&nbsp;B Shares indirectly through FTL, and David Mart&#237;nez exercises his rights over the FTL-Owned Class&nbsp;B Shares indirectly through FAI and FTL.&#160; Nortel has the sole power to vote, dispose and direct the disposition of the Class&nbsp;B Shares directly beneficially owned by it (the &#147;<b>Nortel-Owned Class&nbsp;B Shares</b>&#148;).&#160; Sofora exercises its rights over the Nortel-Owned Class&nbsp;B Shares indirectly through Nortel, FTL exercises its rights over the Nortel-Owned Class&nbsp;B Shares indirectly through Sofora and Nortel, FAI exercises its rights over the Nortel-Owned Class&nbsp;B Shares indirectly through FTL, Sofora and Nortel and David Mart&#237;nez exercises his rights over the Nortel-Owned Class&nbsp;B Shares indirectly through FAI, FTL Sofora and Nortel.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;No transactions in Class&nbsp;B Shares were effected by the Reporting Persons during the 60 day period ended July&nbsp;3, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;Pursuant to the Master Financing Agreement, FIL provided financing to FTL in connection with the transactions described herein. This financing interest is limited to the economic interest in the equity of FTL (and, indirectly, in the Issuer), and does not provide FIL with voting or disposition control in respect of FTL (or, indirectly, the Issuer).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;Inapplicable.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">9<a name="PB_9_231135_7608"></a></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7. Material to be Filed as Exhibits</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item&nbsp;7 of the Schedule&nbsp;13D is hereby amended to include the following exhibits:</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit<br>   Number</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preliminary Merger   Agreement, dated as of June&nbsp;30, 2017, between Telecom Argentina S.A. and   Cablevisi&#243;n S.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Free Translation of the   Preliminary Merger Agreement, dated as of June&nbsp;30, 2017, between Telecom   Argentina S.A. and Cablevisi&#243;n S.A.</font></p>    </td>   </tr>
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<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release   Announcing the Merger of Telecom Argentina S.A. and Cablevisi&#243;n S.A., dated   as of June&nbsp;30, 2017.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">10<a name="PB_10_231230_8146"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURE</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After reasonable inquiry and to the best of my knowledge and belief,&nbsp;I certify that the information set forth in this statement is true, complete and correct.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:&nbsp;July&nbsp;3, 2017</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DAVID </font>MART&#205;NEZ</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ David Mart&#237;nez</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="51%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:51.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="51%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:51.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="56%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:56.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FINTECH ADVISORY,&nbsp;INC.</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="51%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:51.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="51%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:51.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ David Mart&#237;nez</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: </font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David Mart&#237;nez</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: </font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized Person</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="51%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:51.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="51%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:51.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="56%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:56.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FINTECH TELECOM, LLC</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="51%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:51.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="51%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:51.42%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ </font>Julio Rafael Rodriguez,&nbsp;Jr.</p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: </font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Julio Rafael Rodriguez,&nbsp;Jr.</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: </font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized Person</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="51%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:51.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="51%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:51.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="56%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:56.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SOFORA TELECOMUNICACIONES S.A.</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="51%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:51.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="51%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:51.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Saturnino Funes</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: </font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Saturnino Funes</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: </font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="51%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:51.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="51%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:51.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="56%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:56.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NORTEL INVERSORA, S.A.</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="51%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:51.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="51%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:51.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Baruki Gonz&#225;lez</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: </font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Baruki Gonz&#225;lez</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: </font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">11<a name="PB_11_231642_7091"></a></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;29</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COMPROMISO PREVIO DE FUSI&#211;N</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">celebrado entre</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(como Sociedad Absorbente)</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">y</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CABLEVISION S.A.</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(como Sociedad Absorbida)</font></b></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">30</font></b><b> de junio de 2017</b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COMPROMISO PREVIO DE FUSI&#211;N</font></u></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">El presente COMPROMISO PREVIO DE FUSI&#211;N se celebra el </font>30 de junio de 2017 entre:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Telecom Argentina S.A.</b> (&#147;<u>Telecom Argentina</u>&#148; o, la &#147;<u>Sociedad Absorbente</u>&#148;), con domicilio en la Avda. Alicia Moreau de Justo 50, piso 13, de la Ciudad Aut&#243;noma de Buenos Aires;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Cablevisi&#243;n S.A.</b> (&#147;<u>Cablevisi&#243;n</u>&#148; o, la &#147;<u>Sociedad Absorbida</u>&#148;), con domicilio en la Avda.&nbsp;General Hornos 690 de la Ciudad Aut&#243;noma de Buenos Aires y, junto con Telecom Argentina, las &#147;<u>Partes</u>&#148; y cada una de ellas individualmente, una &#147;<u>Parte</u>&#148;.</p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONSIDERANDO:</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Que la actividad principal de Telecom Argentina es la prestaci&#243;n, por cuenta propia o de terceros o asociada con terceros, de Servicios TIC (tal como se los define m&#225;s abajo), sean servicios de telecomunicaciones fijos, m&#243;viles, al&#225;mbricos, inal&#225;mbricos, nacionales o internacionales, con o sin infraestructura propia, servicios de valor agregado (incluyendo acceso a internet) y servicios de transmisi&#243;n de datos en el marco de las respectivas licencias, y su objeto social incluye la prestaci&#243;n de Servicios de Comunicaci&#243;n Audiovisual (tal como se define m&#225;s abajo). Asimismo, Telecom Argentina tambi&#233;n desarrolla actividad como sociedad inversora.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Que la actividad principal de Cablevisi&#243;n consiste tambi&#233;n en la prestaci&#243;n de los Servicios TIC que se encuentran registrados en la Licencia &#250;nica Argentina Digital de la que resulta titular conforme Resoluci&#243;n N&#176; 1359/2016 , entre otros y principalmente, la explotaci&#243;n del Servicio de Televisi&#243;n por Suscripci&#243;n por v&#237;nculo f&#237;sico y por v&#237;nculo radioel&#233;ctrico y el Servicio de Transmisi&#243;n de Datos, como as&#237; tambi&#233;n otros servicios de telecomunicaciones fijos, m&#243;viles, al&#225;mbricos e inal&#225;mbricos, nacionales e internacionales, dentro de los cuales se destacan tambi&#233;n los Servicios de Valor Agregado (incluyendo acceso a internet), Telefon&#237;a y Trunking (este &#250;ltimo se presta a trav&#233;s de su subsidiaria Nextel, en proceso de fusi&#243;n por absorci&#243;n con Cablevisi&#243;n) y el Servicio de Comunicaciones M&#243;viles Avanzadas a trav&#233;s de una red a desplegar por parte de &#233;sta, incluyendo su objeto social la posibilidad de explotar Servicios de Comunicaci&#243;n Audiovisual. Asimismo, Cablevisi&#243;n tambi&#233;n desarrolla actividad como sociedad inversora.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Que hoy en d&#237;a se constata, tanto en el plano nacional como en el internacional, una tendencia a la convergencia tecnol&#243;gica entre medios y telecomunicaciones de las distintas modalidades separadas o independientes de prestaci&#243;n de </p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">servicios de transmisi&#243;n de voz, datos, sonido e imagen, tanto fijos como inal&#225;mbricos, en un &#250;nico producto o series de productos a proveer a los usuarios como un todo (los &#147;<u>Productos de Convergencia</u>&#148;) </font>para beneficio de los usuarios y consumidores de dichos m&#250;ltiples servicios individuales.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Que con fecha 1&#176; de enero de 2018 se habr&#225; cumplido el plazo dispuesto por los Decretos N&#176; 267/15 y 1340/16 para el levantamiento de la restricci&#243;n que aplica exclusivamente sobre los prestadores del Servicio B&#225;sico Telef&#243;nico cuya licencia ha sido concedida en los t&#233;rminos del Decreto N&#186; 62/90 y de los puntos 1 y 2 del art&#237;culo 5 del Decreto N&#176; 264/98, as&#237; como los del Servicio de Telefon&#237;a M&#243;vil con licencia otorgada conforme el pliego de bases y condiciones aprobado por Resoluci&#243;n del entonces Ministerio de Econom&#237;a y Obras y Servicios P&#250;blicos N&#186; 575/93 y ratificado por Decreto N&#186; 1.461/93, entre &#233;stos Telecom Argentina y Telecom Personal, para integrar en su oferta de servicios de telecomunicaciones, el Servicio de Televisi&#243;n por Suscripci&#243;n mediante vinculo f&#237;sico y/o v&#237;nculo radioel&#233;ctrico.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Que a fines de ofrecer Productos de Convergencia a sus respectivos clientes, las Partes han considerado que sus respectivas estructuras operativas y t&#233;cnicas son altamente complementarias y podr&#237;an ser optimizadas mediante una consolidaci&#243;n estructural, logrando sinergias y eficiencias en el desarrollo de los Productos de Convergencia que demandar&#225; el mercado a medida que se levanten las restricciones regulatorias.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Que las Partes consideran que dicha consolidaci&#243;n estructural podr&#225; lograrse mediante la realizaci&#243;n de un proceso de fusi&#243;n en los t&#233;rminos de lo prescripto por la Ley General de Sociedades (la &#147;LGS&#148;).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Que tanto Telecom Argentina como Cablevisi&#243;n son sociedades admitidas al r&#233;gimen de oferta p&#250;blica en Argentina sujetas a un r&#233;gimen exhaustivo de informaci&#243;n con niveles de informaci&#243;n anual, trimestral y urgente e inmediata en caso de producirse hechos relevantes que puedan afectar la cotizaci&#243;n de sus t&#237;tulos valores, de conformidad con las normas de la Comisi&#243;n Nacional de Valores raz&#243;n por la cual, cada una de las Partes dispone de informaci&#243;n p&#250;blica respecto de la otra que permite llevar adelante la preparaci&#243;n y confecci&#243;n de la documentaci&#243;n de la Fusi&#243;n (tal como se define m&#225;s adelante) en los mismos t&#233;rminos de transparencia que los existentes para los inversores en las sociedades involucradas; y</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Que luego de haber analizado los t&#233;rminos en que podr&#237;a llevarse adelante dicha fusi&#243;n, las Partes desean emprender el proceso societario y regulatorio correspondiente.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">POR LO TANTO</font></b>, las Partes acuerdan suscribir el presente COMPROMISO PREVIO DE FUSI&#211;N, <i>ad refer&#233;ndum</i> de las respectivas aprobaciones asamblearias de Telecom Argentina y Cablevisi&#243;n conforme a lo dispuesto por el art. 83 y</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">siguientes de la LGS, las Normas de la Comisi&#243;n Nacional de Valores y los dem&#225;s t&#233;rminos y condiciones previstas en el presente.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Primero.</font></u></b><b> DEFINICIONES.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Los siguientes t&#233;rminos utilizados con su primera letra en may&#250;scula tendr&#225;n el significado que se les asigna a continuaci&#243;n, salvo que su utilizaci&#243;n en may&#250;scula obedezca exclusivamente a la regla gramatical que indica su uso en may&#250;scula al iniciar una oraci&#243;n o se trate de un nombre propio:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Acci&#243;n Clase A de CV</u>&#148;: </font></b>significa cada una de las 96.006 acciones escriturales, ordinarias, Clase &#147;A&#148; de un voto por acci&#243;n y diez mil Pesos de valor nominal cada una emitidas por Cablevisi&#243;n representativas del 80,005% de su capital social, que no se encuentran listadas ni en ByMA ni en ninguna otra bolsa o mercado del pa&#237;s o del exterior.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Acci&#243;n Clase B de CV</u>&#148;: </font></b>significa cada una de las 23.994 acciones escriturales, ordinarias, Clase &#147;B&#148; de un voto por acci&#243;n y diez mil Pesos de valor nominal cada una emitidas por Cablevisi&#243;n representativas del 19,995% de su capital social, que no se encuentran listadas ni en ByMA ni en ninguna otra bolsa o mercado del pa&#237;s o del exterior.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Acci&#243;n Clase A de Telecom Argentina</u>&#148;: </font></b>significa cada una de las 502.034.299 acciones escriturales, ordinarias, Clase &#147;A&#148; de un voto por acci&#243;n y un Peso de valor nominal cada una emitidas a la fecha por Telecom Argentina, con cotizaci&#243;n originalmente autorizada en la Bolsa de Comercio de Buenos Aires, pero sin negociaci&#243;n efectiva en el mercado de valores hasta la fecha.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Acci&#243;n Clase B de Telecom Argentina</u>&#148;: </font></b>significa cada una de las 482.111.931 acciones escriturales, ordinarias, Clase &#147;B&#148; de un voto por acci&#243;n y un Peso de valor nominal cada una, emitidas a la fecha por Telecom Argentina que se encuentran listadas en ByMA y de las cuales 15.221.373 son acciones propias en cartera.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Acci&#243;n Clase D de Telecom Argentina</u>&#148;: </font></b>significa cada una de las acciones escriturales, ordinarias, Clase &#147;D&#148;, de un voto por acci&#243;n y un Peso de valor nominal, convertibles en Acciones Clase B, a ser emitidas por Telecom Argentina por efecto de la Fusi&#243;n.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Acuerdo de Asistencia T&#233;cnica</u>&#148;: </font></b>significa el acuerdo de asistencia t&#233;cnica suscripto entre Cablevisi&#243;n y CVH con fecha mayo de 2017.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Acuerdo Definitivo de Fusi&#243;n</u>&#148;: </font></b>significa el acuerdo definitivo de fusi&#243;n a ser suscripto por Telecom Argentina y Cablevisi&#243;n a efectos de implementar la presente Fusi&#243;n, de conformidad con los t&#233;rminos de los art&#237;culos 82, 83 y subsiguientes de la LGS y las disposiciones del presente Compromiso.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Asamblea Ordinaria y Extraordinaria de Telecom Argentina</u>&#148;:</font></b> significa una asamblea ordinaria y extraordinaria a ser convocada por Telecom Argentina para la aprobaci&#243;n del presente Compromiso Previo de Fusi&#243;n.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Asamblea Extraordinaria de Cablevisi&#243;n</u>&#148;:</font></b> significa una asamblea extraordinaria a ser convocada por Cablevisi&#243;n para la aprobaci&#243;n de los t&#233;rminos del presente Compromiso Previo de Fusi&#243;n a celebrarse en los t&#233;rminos del art&#237;culo 244 de la LGS.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Autorizaci&#243;n ENACOM</u>&#148;: </font></b>significa una resoluci&#243;n dictada por el ENACOM autorizando: i) la Fusi&#243;n y ii) la registraci&#243;n bajo la Licencia &#218;nica Argentina Digital de titularidad de Telecom Argentina de los registros, recursos, asignaciones, habilitaciones, frecuencias y autorizaciones de titularidad de Cablevisi&#243;n y/o de las sociedades absorbidas por esta &#250;ltima.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Aviso</u>&#148;:</font></b> significa el aviso a ser publicado por Telecom Argentina y Cablevisi&#243;n de conformidad con el art&#237;culo 83 de la LGS a efectos del ejercicio de los Derechos de Oposici&#243;n de los respectivos acreedores de las mismas.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><u style="font-weight:bold;">ByMA</u></b>&#148;<b>:</b> significa Bolsas y Mercados Argentinos, el mercado de valores continuador, desde abril de 2017, de las operaciones de Mercado de Valores de Buenos Aires S.A.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Compromiso</u>&#148; o &#147;<u>Compromiso Previo de Fusi&#243;n</u>&#148;: </font></b>significa el presente compromiso previo de fusi&#243;n.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>CVH</u>&#148;: </font></b>significa Cablevisi&#243;n Holding S.A., la sociedad titular de 34.425 Acciones Clase A de CV y 6.782 Acciones Clase B de CV.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Decreto 267/15</u>&#148;: </font></b>significa el Decreto de Necesidad y Urgencia Nro. 267 dictado el 29 de diciembre de 2015.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Decreto 1340/16</u>&#148;: </font></b>significa el Decreto Nro. 1340 dictado el 30 de diciembre de 2016, modificatorio del Decreto 267/15.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Derechos de Oposici&#243;n</u>&#148;: </font></b>significa los derechos previstos en el art&#237;culo 83 de la LGS para que dentro de los 15 d&#237;as siguientes contados a partir del d&#237;a siguiente a la &#250;ltima publicaci&#243;n del Aviso realizado por las sociedades intervinientes en la Fusi&#243;n los acreedores de causa o t&#237;tulo anterior de las sociedades puedan oponerse a la misma.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;EBITDA&#148;</font></u></b><b>: </b>significa respecto de una persona y para el per&#237;odo en el que se realice la determinaci&#243;n, sus ventas menos costo de ventas, gastos de comercializaci&#243;n y administraci&#243;n, (excluyendo amortizaciones y depreciaciones), o lo que es lo mismo: la utilidad de la explotaci&#243;n antes de depreciaciones y amortizaciones, todo</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">determinado de conformidad con Normas Internacionales de Informaci&#243;n Financiera (&#147;NIIF&#148;) y tal como se refleje en los respectivos estados financieros para el per&#237;odo en cuesti&#243;n, seg&#250;n sean de Cablevisi&#243;n o Telecom Argentina, respectivamente.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>ENACOM</u>&#148;: </font></b>significa el Ente Nacional de Comunicaciones en su car&#225;cter de autoridad de aplicaci&#243;n de la Ley Nro. 27.078 de Argentina Digital y Servicios de la Informaci&#243;n y las Comunicaciones.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Estados Financieros Consolidados Especiales de Fusi&#243;n</u>&#148;: </font></b>significa los estados financieros consolidados especiales de fusi&#243;n de Telecom Argentina y Cablevisi&#243;n al 31 de marzo de 2017 que se adjuntan como Anexo II y que fueran preparados sobre la base de los Estados Financieros Individuales Especiales de Fusi&#243;n de cada una de dichas compa&#241;&#237;as.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Estados Financieros Individuales Especiales de Fusi&#243;n</u>&#148;: </font></b>significa los estados financieros individuales especiales de fusi&#243;n preparados para Telecom Argentina y Cablevisi&#243;n al 31 de marzo de 2017 que se adjuntan como Anexos I-A y I-B del presente Compromiso.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><u style="font-weight:bold;">Fintech Media</u></b>&#148;<b>:</b> Significa Fintech Media LLC, la sociedad titular de 17.212 Acciones Clase B de CV.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Nuevas Acciones</u>&#148;:</font></b> significa la cantidad de 1.184.528.406 nuevas acciones ordinarias, escriturales, de un peso valor nominal y un voto por acci&#243;n, que corresponde emitir por parte de Telecom Argentina por efecto de la Fusi&#243;n para ser entregadas a los accionistas de Cablevisi&#243;n, bajo la forma de Acciones Clase A de Telecom Argentina o Acciones Clase D de Telecom Argentina, seg&#250;n corresponda, de conformidad con la Relaci&#243;n de Cambio que se establece en el presente y los restantes t&#233;rminos del presente Compromiso Previo de Fusi&#243;n.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Obligaciones Negociables de Cablevisi&#243;n</u>&#148;: </font></b>significa las obligaciones negociables Clase A emitidas por Cablevisi&#243;n por un valor nominal inicial de US$500.000.000 actualmente en circulaci&#243;n y con vencimiento el 15 de junio de 2021.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><u style="font-weight:bold;">Reorganizaci&#243;n Societaria de Telecom</u></b>&#148;<b>:</b> significa la fusi&#243;n por absorci&#243;n de Nortel Inversora S.A., Sofora Telecomunicaciones S.A. y Telecom Personal S.A. por Telecom Argentina en su car&#225;cter de sociedad absorbente conforme se describe en el correspondiente prospecto de fusi&#243;n de Telecom Argentina de fecha 11 de mayo de 2017 publicado en la Autopista de Informaci&#243;n Financiera de la Comisi&#243;n Nacional de Valores.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:3.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><u style="font-weight:bold;">Servicios de Comunicaci&#243;n Audiovisual</u></b>&#148;<b>:</b> significa los servicios de comunicaci&#243;n audiovisual regulados bajo la Ley Nro. 26.522, sus modificatorias y normas reglamentarias.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Servicios TIC&#148;:</font></u></b> significa los servicios de tecnolog&#237;as de la informaci&#243;n y las comunicaciones regulados bajo la Ley Nro. 27.078, sus modificatorias y normas reglamentarias.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><u style="font-weight:bold;">VLG</u></b>&#148;<b>:</b> significa </font>VLG Argentina LLC, la sociedad titular de 61.581 Acciones Clase A de CV.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Segundo</font></u></b><b>. Fusi&#243;n.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Por el presente, las Partes acuerdan la fusi&#243;n por absorci&#243;n de Cablevisi&#243;n, como Sociedad Absorbida, por parte de Telecom Argentina como Sociedad Absorbente, de conformidad y con sujeci&#243;n a los t&#233;rminos de los arts. 82 y 83 de la LGS, y con el encuadramiento fiscal previsto en los art&#237;culos 77 y ss. de la ley 20.628 del Impuesto a las Ganancias y art. 105 </font>del Decreto N&#186;1344/1998 reglamentario de la Ley de Impuesto a las Ganancias, y los t&#233;rminos del presente Compromiso Previo de Fusi&#243;n, todo esto <i>ad refer&#233;ndum </i>de la aprobaci&#243;n de sus respectivas asambleas de accionistas y sujeto a las aprobaciones regulatorias y dem&#225;s condiciones que se detallan en el art&#237;culo S&#233;ptimo del presente y con efecto a la Fecha Efectiva de Fusi&#243;n (tal como se define en dicho art&#237;culo S&#233;ptimo) (en adelante, la &#147;<u>Fusi&#243;n</u>&#148;).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Tercero.</font></u></b><b> Efectos Generales de la Fusi&#243;n.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Como consecuencia de la Fusi&#243;n acordada en el art&#237;culo Segundo y con efecto a la Fecha Efectiva de Fusi&#243;n: (i)&nbsp;el patrimonio de la Sociedad Absorbida se transferir&#225; &#237;ntegramente a la Sociedad Absorbente adquiriendo en consecuencia Telecom Argentina, la titularidad de todos los bienes, derechos, obligaciones y responsabilidades de cualquier naturaleza de titularidad de Cablevisi&#243;n incluyendo (a)&nbsp;aquellos derechos y obligaciones que, por cualquier raz&#243;n, no se hayan incorporado en el Estado Financiero Individual Especial de Fusi&#243;n, entre los que deben computarse aquellos derechos, bienes u obligaciones surgidos o conocidos con posterioridad a la fecha de cierre de dicho Estado Financiero Individual Especial de Fusi&#243;n como consecuencia de hechos o actividades anteriores a la fecha de cierre de los mismos; (b)&nbsp;aquellos derechos y obligaciones de la Sociedad Absorbida derivados de las relaciones con su respectivo personal, los cuales pasar&#225;n a depender directamente de Telecom Argentina, respet&#225;ndose su antig&#252;edad, beneficios y dem&#225;s derechos adquiridos; y (c)</font>&nbsp;las licencias, registros, recursos, asignaciones, habilitaciones y autorizaciones de titularidad de Cablevisi&#243;n y/o de las sociedades absorbidas por esta &#250;ltima y/o permisos de cualquier tipo; (ii)&nbsp;Telecom Argentina ser&#225; la sociedad continuadora de todas las actividades, operaciones, activos, pasivos, derechos y obligaciones de Cablevisi&#243;n a la Fecha Efectiva de Fusi&#243;n as&#237; como las que pudieren sobrevenir por actuaciones anteriores o posteriores a la misma; (iii)&nbsp;Cablevisi&#243;n se disolver&#225; anticipadamente sin liquidarse; (iv)&nbsp;Telecom Argentina aumentar&#225; su capital social y modificar&#225; sus estatutos de conformidad con los t&#233;rminos previstos en el Anexo IV del presente; y (v)&nbsp;los tenedores de acciones de Cablevisi&#243;n ser&#225;n considerados accionistas de</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina a partir de la Fecha Efectiva de la Fusi&#243;n, incluyendo el ejercicio de sus derechos econ&#243;micos y pol&#237;ticos en la medida de la Relaci&#243;n de Cambio previstas en el presente Compromiso.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Cuarto.</font></u></b><b> Reforma de Estatutos de Telecom Argentina. Nueva Estructura Accionaria.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">De conformidad con los t&#233;rminos de la Fusi&#243;n, Telecom Argentina modificar&#225; sus Estatutos en los t&#233;rminos previstos en el Anexo IV del presente. Asimismo, como consecuencia de la Fusi&#243;n y tomando en cuenta la Relaci&#243;n de Cambio propuesta, Telecom Argentina deber&#225; aumentar su capital social en la suma de Pesos 1.184.528.406. Consecuentemente, Telecom Argentina deber&#225; emitir 1.184.528.406 acciones ordinarias, escriturales, de un peso valor nominal y un voto por acci&#243;n (menos las que puedan corresponder por liquidaci&#243;n de fracciones en efectivo), de las cuales, y tomando en consideraci&#243;n las tenencias a la fecha del presente directas e indirectas de Fintech Media y CVH en Cablevisi&#243;n:&#160; (i)&nbsp;473.836.040 ser&#225;n Acciones Clase A de Telecom Argentina y (ii)&nbsp;710.692.366 ser&#225;n Acciones Clase D de Telecom Argentina; las que ser&#225;n entregadas a los accionistas de Cablevisi&#243;n de conformidad con la Relaci&#243;n de Cambio y dem&#225;s t&#233;rminos del presente. Tanto las Acciones Clase A de Telecom Argentina como las Acciones Clase D de Telecom Argentina que se entreguen a los accionistas de Cablevisi&#243;n ser&#225;n libremente convertibles en acciones Clase B de Telecom Argentina y tendr&#225;n ciertos derechos de mayor&#237;as especiales para la aprobaci&#243;n de los temas que se detallan en el proyecto de Reforma de Estatutos de Telecom Argentina que se adjunta como Anexo IV. Estas modificaciones que se introduzcan a los Estatutos de Telecom Argentina tendr&#225;n efectividad a la Fecha Efectiva de Fusi&#243;n.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Quinto</font></u></b><b>. Relaci&#243;n de Cambio de Acciones.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 31.5pt;text-indent:4.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Relaci&#243;n de Cambio</u>. Las Partes han acordado proponer a sus respectivas asambleas de accionistas la siguiente relaci&#243;n de cambio de acciones ordinarias de Cablevisi&#243;n por acciones ordinarias de Telecom Argentina: 1 acci&#243;n ordinaria de Cablevisi&#243;n (ya sea una Acci&#243;n Clase A de Cablevisi&#243;n o una Acci&#243;n Clase B de Cablevisi&#243;n) por cada 9.871,07005 Nuevas Acciones de Telecom Argentina, seg&#250;n corresponda de conformidad con los t&#233;rminos del presente (la &#147;<u>Relaci&#243;n de Cambio</u>&#148;). A tal fin se ha tomado en cuenta para Telecom Argentina una cantidad de acciones en circulaci&#243;n de 969.159.605 acciones (excluyendo las 15.221.373 Acciones Clase B de Telecom Argentina recompradas y mantenidas en cartera por Telecom Argentina) y para Cablevisi&#243;n la cantidad de 120.000 acciones en circulaci&#243;n. Las fracciones o decimales de acciones resultantes del canje a cada accionista ser&#225;n abonadas en efectivo en la sede social de Telecom Argentina en el d&#237;a y hora que oportunamente se indiquen para el canje de acciones. La liquidaci&#243;n de las fracciones se efectuar&#225; siguiendo el procedimiento establecido por la normativa aplicable.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 39.3pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Mecanismo de Determinaci&#243;n de la Relaci&#243;n de Cambio. Valuaciones</u>.</p>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">La Relaci&#243;n de Cambio propuesta ha sido determinada por las Partes sujeta a la aprobaci&#243;n de sus respectivas asambleas de accionistas, tomando en consideraci&#243;n, entre otros aspectos, los rangos de valor resultantes de la aplicaci&#243;n de los siguientes m&#233;todos de valuaci&#243;n a ambas sociedades: a) el valor actual neto de los flujos de fondos descontados de cada sociedad; b) los m&#250;ltiplos de valuaci&#243;n de empresas comparables; y c) el valor de mercado de negociaci&#243;n de las Acciones Clase B de Telecom Argentina y de las acciones de Cablevisi&#243;n, tomando para las acciones de Cablevisi&#243;n su valor impl&#237;cito de negociaci&#243;n incorporado en los valores de negociaci&#243;n en el mercado de las Acciones Clase B de Grupo Clar&#237;n S.A. (la antecesora de CVH) como sociedad controlante de Cablevisi&#243;n. En el Anexo III del presente se expone el mecanismo de c&#225;lculo de la Relaci&#243;n de Cambio.</font></p>
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<p style="margin:0in 0in .0001pt 31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">La Relaci&#243;n de Cambio fue considerada razonable<i> (fair),</i> desde el punto de vista financiero, a la fecha de la respectiva opini&#243;n y de acuerdo con sus t&#233;rminos, por dos valuadores profesionales no relacionados con ninguna de las sociedades involucradas. A esos efectos, Telecom Argentina contrat&#243; a JP Morgan Securities LLC y Cablevisi&#243;n contrat&#243; a LionTree Advisors LLC, dos firmas de primer nivel internacional con experiencia comprobada en operaciones de fusi&#243;n y tambi&#233;n con alta especializaci&#243;n en la industria de Servicios TIC (los &#147;<u>Valuadores Independientes</u>&#148;), cada uno de los cuales emiti&#243; su respectivo Informe de Razonabilidad de la Relaci&#243;n de Cambio <i>(&#147;Fairness Opinion</i>&#148;) para su consideraci&#243;n por el Directorio de Telecom Argentina, en el caso de JP Morgan Securities LLC y por el Directorio de Cablevisi&#243;n en el caso de LionTree Advisors LLC .</font></p>
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<p style="margin:0in 0in .0001pt 31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A efectos de emitir sus Informes de Razonabilidad de la Relaci&#243;n de Cambio, los Valuadores Independientes aplicaron respectivamente los m&#233;todos de valuaci&#243;n que cada uno de ellos generalmente aplica en procedimientos similares al presente, incluyendo, entre otros, los m&#233;todos mencionados en los puntos a) a c) del primer p&#225;rrafo de este apartado.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 31.5pt;text-indent:4.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Atribuci&#243;n de Acciones por Relaci&#243;n de Cambio</u>. De conformidad con la Relaci&#243;n de Cambio, las Partes han acordado proponer a sus accionistas que las Nuevas Acciones a emitir por Telecom Argentina sean atribuidas a los titulares de acciones ordinarias de Cablevisi&#243;n conforme al siguiente detalle:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Fintech Media: conforme la Relaci&#243;n de Cambio a Fintech Media le corresponder&#237;an 169.900.857,70 acciones, por lo cual las Partes han propuesto que se le entreguen, 169.900.858 Nuevas</p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Acciones Clase A de Telecom Argentina a cambio de 17.212 acciones Clase B emitidas por Cablevisi&#243;n de su titularidad;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CVH: conforme la Relaci&#243;n de Cambio a CVH le corresponder&#237;an 406.757.183,55 acciones por lo cual las Partes han propuesto que se le entreguen, 406.757.183 Nuevas Acciones Clase D a cambio de 41.207 acciones ( 34.425 Acciones Clase A de CV y 6.782 Acciones Clase B de CV) emitidas por Cablevisi&#243;n de su titularidad;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>VLG: conforme la Relaci&#243;n de Cambio a VLG le corresponder&#237;an 607.870.364,75 acciones, por lo cual las Partes han propuesto que se le entreguen en total 607.870.364 Nuevas Acciones a cambio de 61.581 Acciones Clase A emitidas por Cablevisi&#243;n de su titularidad. Dichas nuevas acciones ordinarias emitidas por Telecom Argentina ser&#225;n entregadas a VLG en una proporci&#243;n de Nuevas Acciones Clase A y de Nuevas Acciones Clase D equivalente a la proporci&#243;n de las tenencias que Fintech Media y CVH mantengan en VLG a la Fecha Efectiva de Fusi&#243;n.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 31.5pt;text-indent:4.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Ajustes de la Relaci&#243;n de Cambio</u>. (a)&nbsp;Las Partes han acordado permitir que tanto Telecom Argentina como Cablevisi&#243;n puedan distribuir dividendos en efectivo a sus respectivos accionistas con anterioridad a la Fecha Efectiva de Fusi&#243;n, previ&#233;ndose el ajuste de la Relaci&#243;n de Cambio en funci&#243;n de cualquier distribuci&#243;n o distribuciones de dividendos en efectivo realizadas a partir de la fecha del presente Compromiso Previo de Fusi&#243;n y con anterioridad a la Fecha Efectiva de Fusi&#243;n de conformidad con los siguientes t&#233;rminos: i) a los efectos del c&#225;lculo de los ajustes a la Relaci&#243;n de Cambio se tomar&#225;n como referencia los siguientes valores por acci&#243;n proporcionales a la Relaci&#243;n de Cambio: US$ 5,1591 por cada acci&#243;n en circulaci&#243;n para Telecom Argentina y US$ 50.925,93 por cada acci&#243;n en circulaci&#243;n para Cablevisi&#243;n; (ii)&nbsp;el antes mencionado valor de referencia por acci&#243;n en d&#243;lares estadounidenses a ser tomado en cuenta para calcular los ajustes a la Relaci&#243;n de Cambio de la sociedad que haga efectivo el pago de dividendos ser&#225; reducido en un monto igual al monto en d&#243;lares estadounidenses por acci&#243;n correspondiente al dividendo que se haya pagado y se volver&#225; a calcular la Relaci&#243;n de Cambio tomando en cuenta dicho menor valor de referencia por acci&#243;n de la sociedad que haya pagado el dividendo. En caso que los dividendos sean pagados en Pesos, el valor en d&#243;lares de dicho dividendo ser&#225; calculado tomando en cuenta el tipo de cambio mayorista de conformidad con la Comunicaci&#243;n A-3500 del Banco Central de la Rep&#250;blica Argentina que haya sido publicado para el cierre de operaciones de la fecha inmediatamente anterior a la fecha en la cual el dividendo correspondiente haya sido puesto a disposici&#243;n en Argentina; (b)&nbsp;en caso que ocurriera cualquier hecho extraordinario que altere sustancialmente el curso de los negocios de una o ambas sociedades antes</p>
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<p style="margin:0in 0in .0001pt 31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">de la Fecha Efectiva de Fusi&#243;n, las Partes tomar&#225;n nota de dicho hecho y sus efectos y acordar&#225;n los ajustes que puedan corresponder a la Relaci&#243;n de Cambio, (c)&nbsp;no se tomar&#225; como causal de ajuste de la Relaci&#243;n de Cambio cualquier distribuci&#243;n de dividendos anticipada o definitiva que puedan realizar Nortel Inversora S.A. o Sofora Telecomunicaciones S.A. antes de su fusi&#243;n por absorci&#243;n en Telecom Argentina ni a&#250;n en el caso que dichas distribuciones efectuadas por Nortel Inversora S.A. o Sofora Telecomunicaciones S.A. sean luego conformadas por Telecom Argentina, (d)&nbsp;no se tomar&#225; como causal de ajuste de la Relaci&#243;n de Cambio (i)&nbsp;el pago de la segunda cuota por un monto de hasta US$ 50.000.000 (d&#243;lares estadounidenses cincuenta millones) de los dividendos declarados por la asamblea anual ordinaria y extraordinaria de accionistas de Cablevisi&#243;n de fecha 30 de marzo de 2017 los que&#160; ser&#225;n pagados con posterioridad a la fecha del presente; y (ii)&nbsp;un monto de hasta US$ 50.000.000 de dividendos que Telecom Argentina podr&#225; declarar y pagar en cualquier momento antes de la Fecha Efectiva de la Fusi&#243;n.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Sexto</font></u></b><b>. Aumento de Capital de Telecom Argentina.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Por efecto de la Fusi&#243;n y de conformidad con la Relaci&#243;n de Cambio propuesta, Telecom Argentina realizar&#225; un aumento de capital de Pesos un mil ciento ochenta y cuatro millones quinientos veintiocho mil cuatrocientos seis ($ 1.184.528.406) y emitir&#225; en la Fecha Efectiva de Fusi&#243;n un total de 1.184.528.406 Nuevas Acciones. Consecuentemente, el capital social de Telecom Argentina, luego de la Fecha Efectiva de Fusi&#243;n, ascender&#225; a la suma de $2.168.909.384 o la que resulte de los ajustes a la Relaci&#243;n de Cambio que pudieran corresponder.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo S&#233;ptimo.</font></u></b><b> Fecha Efectiva de Fusi&#243;n y condiciones precedentes.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">La presente Fusi&#243;n se acuerda con efecto a partir de la 0:00 horas del d&#237;a en que los Presidentes de los Directorios de las Partes (en adelante, la &#147;<u>Fecha Efectiva de Fusi&#243;n</u>&#148;), suscriban un acta de traspaso de las operaciones en la que se deje constancia de que: (i)&nbsp;Telecom Argentina ha acondicionado sus sistemas t&#233;cnico-operativos para asumir las operaciones y actividades de Cablevisi&#243;n; y (ii)&nbsp;que en esa Fecha Efectiva de Fusi&#243;n se concreta el traspaso de las operaciones y actividades de la Sociedad Absorbida a Telecom Argentina por haberse cumplido todas las siguientes condiciones a las que est&#225; sujeta la Fusi&#243;n:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 117.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Que se haya suscripto el Acuerdo Definitivo de Fusi&#243;n; y</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 121.5pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Que se haya obtenido la Autorizaci&#243;n ENACOM.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A partir de la Fecha Efectiva de Fusi&#243;n,</font> Telecom Argentina continuar&#225; con las operaciones de la Sociedad Absorbida, generando los correspondientes efectos</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">operativos, contables e impositivos. A esa fecha se considerar&#225;n incorporados al patrimonio de Telecom Argentina, en su calidad de Sociedad Absorbente y continuadora, todos los activos y pasivos incluidos bienes registrables, derechos y obligaciones pertenecientes a Cablevisi&#243;n como Sociedad Absorbida.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Octavo.</font></u></b><b> Motivos y Finalidades de la Fusi&#243;n.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">De conformidad con lo dispuesto en el inciso 1, punto a), del art&#237;culo 83 de la LGS, las Partes manifiestan que la Fusi&#243;n acordada en el presente Compromiso se realiza a fin de posibilitar que las mismas puedan ofrecer en forma eficiente, y con la mayor celeridad que sea posible, Productos de Convergencia de conformidad con las normas aplicables.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Noveno.</font></u></b><b> Documentaci&#243;n Contable. Estados Financieros Individuales Especiales de Fusi&#243;n y Estados Financieros Consolidados Especiales de Fusi&#243;n. Declaraciones de las Partes.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Los siguientes documentos forman parte del presente Compromiso: (i)&nbsp;los Estados Financieros Individuales Especiales de Fusi&#243;n de Telecom Argentina y Cablevisi&#243;n al 31 de marzo de 2017, que se adjuntan como Anexos I (A)&nbsp;y I (B)&nbsp;al presente Compromiso, respectivamente; (ii)&nbsp;los Estados Financieros Consolidados Especiales de Fusi&#243;n al 31 de marzo de 2017, que se adjuntan como Anexo II al presente; (iii)&nbsp;el mecanismo de c&#225;lculo de las Relaciones de Cambio adjunto como Anexo III; (iv)&nbsp;Proyecto de Reforma de Estatutos de Telecom Argentina adjunto como Anexo IV; y (v)&nbsp;Listado de Transacciones con Partes Relacionadas de Cablevisi&#243;n (Anexo V). La documentaci&#243;n contable mencionada en los Anexos I (A)&nbsp;y I (B)&nbsp;y II fue confeccionada por los administradores de las Partes sobre bases y criterios de valuaci&#243;n homog&#233;neos, firmados por sus respectivos representantes legales, con informe de las respectivas Comisiones Fiscalizadoras y certificados por contador p&#250;blico matriculado. En particular los Estados Financieros Individuales Especiales de Fusi&#243;n de Telecom Argentina y Cablevisi&#243;n al 31 de marzo de 2017 cuentan con dict&#225;menes de los Auditores Externos Independientes, conforme las normas de auditor&#237;a vigentes. Los Estados Financieros Consolidados Especiales de Fusi&#243;n al 31 de marzo de 2017 cuentan con informe de los Auditores Externos Independientes, en cumplimiento de lo requerido por la Comisi&#243;n Nacional de Valores. Todos los Anexos ser&#225;n puestos a disposici&#243;n de los accionistas y, oportunamente, los estados financieros se transcribir&#225;n en los libros sociales respectivos.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cablevisi&#243;n realiza las siguientes declaraciones a Telecom Argentina a la fecha de firma del presente Compromiso Previo de Fusi&#243;n:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>El capital social de Cablevisi&#243;n es de Pesos 1.200.000.000 y est&#225; representado en 96.006 acciones Clase A de valor nominal diez mil pesos y un voto por acci&#243;n y 23.994 acciones Clase B de valor nominal  diez mil pesos y un voto por acci&#243;n. Todas las acciones que representan su capital se encuentran totalmente suscriptas e integradas y no est&#225;n sujetas a ning&#250;n derecho real de garant&#237;a; no existen aportes irrevocables a cuenta de futuras suscripciones de acciones pendientes de capitalizaci&#243;n ni tampoco existen opciones, warrants, t&#237;tulos convertibles o canjeables por acciones ni ning&#250;n derecho de terceros a reclamar la emisi&#243;n de nuevas acciones de ninguna clase de Cablevisi&#243;n;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cablevisi&#243;n es una sociedad an&#243;nima regularmente constituida e inscripta ante la Inspecci&#243;n General de Justicia y tiene capacidad para suscribir el presente Compromiso Previo de Fusi&#243;n y llevar adelante la Fusi&#243;n en los t&#233;rminos previstos en el presente Compromiso Previo de Fusi&#243;n; la suscripci&#243;n del presente Compromiso Previo de Fusi&#243;n ha sido aprobada por el Directorio de Cablevisi&#243;n en su reuni&#243;n de fecha 30 de junio de 2017;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>los Estados Financieros Individuales Especiales de Fusi&#243;n de Cablevisi&#243;n al 31 de marzo de 2017 reflejan razonablemente la situaci&#243;n econ&#243;mica financiera de Cablevisi&#243;n y han sido auditados por Price Waterhouse&nbsp;&amp; Co. Desde la fecha de esos estados financieros, no han ocurrido hechos que pudieran causar un cambio adverso significativo en la situaci&#243;n econ&#243;mico financiera de Cablevisi&#243;n o en el resultado de sus operaciones; no existen pasivos significativos que debieran haber sido reflejados en dichos estados financieros y que no hayan sido as&#237; reflejados o que no est&#233;n debidamente previsionados de conformidad con las normas contables aplicables;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>la informaci&#243;n de car&#225;cter p&#250;blico presentada por Cablevisi&#243;n ante la Comisi&#243;n Nacional de Valores y disponible en el sitio de internet de esa Comisi&#243;n no presenta ninguna manifestaci&#243;n falsa respecto de cualquier hecho significativo ni omite informar cualquier hecho significativo necesario para que dicha informaci&#243;n, a la luz de las circunstancias en las cuales fue presentada, no sea enga&#241;osa;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">e.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>excepto por las transacciones que se describen en los estados financieros trimestrales de Cablevisi&#243;n al 31 de marzo de 2017 y en el Anexo V del presente, no existen otros contratos con partes relacionadas que puedan ser transferidos a Telecom Argentina por efecto de la Fusi&#243;n.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">f.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>ha recibido una Fairness Opinion de parte de LionTree Advisors LLC que considera que la Relaci&#243;n de Cambio es razonable<i> (fair).</i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Telecom Argentina realiza las siguientes declaraciones a Cablevisi&#243;n a la fecha de firma del presente Compromiso Previo de Fusi&#243;n:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>El capital social de Telecom Argentina es de $ 984.380.978 y est&#225; representado por 502.034.299 Acciones Clase A de valor nominal un  peso y un voto por acci&#243;n; 482.111.931 Acciones Clase B de valor nominal un peso y un voto por acci&#243;n; y 234.748 Acciones Clase C de valor nominal un peso y un voto por acci&#243;n. Del total de acciones representativas del capital social, 15.221.373 Acciones Clase B han sido recompradas por Telecom Argentina y se mantienen en cartera, con lo cual las acciones en circulaci&#243;n sobre la base de las cuales se ha realizado el c&#225;lculo de la Relaci&#243;n de Cambio ascienden a 969.159.605. Todas las acciones que representan su capital se encuentran totalmente suscriptas e integradas y no est&#225;n sujetas a ning&#250;n derecho real de garant&#237;a; no existen aportes irrevocables a cuenta de futuras suscripciones de acciones pendientes de capitalizaci&#243;n ni tampoco existen opciones, warrants, t&#237;tulos convertibles o canjeables por acciones ni ning&#250;n derecho de terceros a reclamar la emisi&#243;n de nuevas acciones de ninguna clase de Telecom Argentina;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Telecom Argentina es una sociedad an&#243;nima regularmente constituida e inscripta ante la Inspecci&#243;n General de Justicia y tiene capacidad para suscribir el presente Compromiso Previo de Fusi&#243;n y llevar adelante la Fusi&#243;n en los t&#233;rminos previstos en el presente Compromiso Previo de Fusi&#243;n; la suscripci&#243;n del presente Compromiso Previo de Fusi&#243;n ha sido aprobada por el Directorio de Telecom Argentina en su reuni&#243;n de fecha 30 de junio de 2017;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>los Estados Financieros Individuales Especiales de Fusi&#243;n de Telecom Argentina al 31 de marzo de 2017 reflejan razonablemente la situaci&#243;n econ&#243;mica financiera de Telecom Argentina y han sido auditados por Price Waterhouse&nbsp;&amp; Co. Desde la fecha de esos estados financieros, no han ocurrido hechos que pudieran causar un cambio adverso significativo en la situaci&#243;n econ&#243;mico financiera de Telecom Argentina o en el resultado de sus operaciones; no existen pasivos significativos que debieran haber sido reflejados en dichos estados financieros y que no hayan sido as&#237; reflejados o que no est&#233;n debidamente previsionados de conformidad con las normas contables aplicables;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>la informaci&#243;n de car&#225;cter p&#250;blico presentada por Telecom Argentina ante la Comisi&#243;n Nacional de Valores y disponible en el sitio de internet de esa Comisi&#243;n no presenta ninguna manifestaci&#243;n falsa respecto de cualquier hecho significativo ni omite informar cualquier hecho significativo necesario para que dicha informaci&#243;n, a la luz de las circunstancias en las cuales fue presentada, no sea enga&#241;osa;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">e.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>excepto por las transacciones que se describen en los estados financieros trimestrales cerrados al 31 de marzo de 2017 no existen otros contratos con partes relacionadas de Telecom Argentina.</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">14<a name="PB_14_061638_3020"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">f.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>ha recibido una Fairness Opinion de parte de JP Morgan Securities LLC que considera que la Relaci&#243;n de Cambio es razonable<i> (fair)</i>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo D&#233;cimo.</font></u></b><b> Reforma de Estatuto.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Con motivo de la Fusi&#243;n, Telecom Argentina adecuar&#225; y modificar&#225; sus estatutos de conformidad con el proyecto que se adjunta al presente como Anexo IV. Dicha modificaci&#243;n ser&#225; considerada por los accionistas de Telecom Argentina como un punto especial del orden del d&#237;a de la Asamblea Extraordinaria a ser convocada para la consideraci&#243;n del presente Compromiso y ser&#225; efectiva solo a partir de la Fecha Efectiva de Fusi&#243;n.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Und&#233;cimo.</font></u></b><b> Derechos de Oposici&#243;n. Acuerdo Definitivo de Fusi&#243;n.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Una vez aprobado el presente Compromiso y dem&#225;s documentaci&#243;n de la Fusi&#243;n por las respectivas asambleas de accionistas de ambas Partes, publicado el Aviso y vencidos los plazos correspondientes a los Derechos de Oposici&#243;n de los acreedores, se instrumentar&#225; por escritura p&#250;blica el correspondiente Acuerdo Definitivo de Fusi&#243;n. De conformidad con el Decreto 267/15, el Acuerdo Definitivo de Fusi&#243;n podr&#225; suscribirse <i>ad refer&#233;ndum</i> de las autorizaciones del ENACOM que puedan corresponder. Asimismo, en esa escritura p&#250;blica se consignar&#225;n los datos identificatorios de los inmuebles, rodados y dem&#225;s bienes registrables que sea necesario identificar, como consecuencia de la Fusi&#243;n, se incorporar&#225;n a la Sociedad Absorbente por efecto de la Fusi&#243;n.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Decimosegundo.</font></u></b><b> Autorizaciones Societarias. Rescisi&#243;n.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Las Partes declaran que los t&#233;rminos del presente Compromiso, as&#237; como la totalidad de la documentaci&#243;n anexa al presente han sido aprobados por una resoluci&#243;n del Directorio de cada una de ellas.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n acuerda convocar a su respectiva Asamblea Extraordinaria de Accionistas y Telecom Argentina acuerda convocar a su respectiva Asamblea Ordinaria y Extraordinaria de Accionistas dentro de los t&#233;rminos legales aplicables, a ser celebradas el mismo d&#237;a, a fin de considerar la Fusi&#243;n y toda la documentaci&#243;n relacionada de conformidad con las normas aplicables.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Las Partes podr&#225;n ofrecer y aceptar modificaciones a los t&#233;rminos del Compromiso Previo de Fusi&#243;n hasta que se obtenga la correspondiente autorizaci&#243;n asamblearia. En caso que, a pesar de las modificaciones propuestas no se obtuviera la aprobaci&#243;n de alguna de las asambleas dentro de los 6 (seis) meses siguientes a la fecha del presente, cualquiera de las Partes podr&#225; dejar sin efecto el presente Compromiso Previo de Fusi&#243;n. Tambi&#233;n podr&#225; demandarse la rescisi&#243;n del acuerdo de conformidad con el art&#237;culo 87 de la LGS.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Decimotercero.</font></u></b><b> Administraci&#243;n de los Negocios y Garant&#237;as para el Cumplimiento de una Gesti&#243;n Normal.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Limitaciones en los Negocios. Las Partes acuerdan continuar con el giro ordinario de sus negocios y el curso regular de sus operaciones y no involucrarse en operaciones o actividades extraordinarias que pudieran afectar la valuaci&#243;n de las sociedades o la Relaci&#243;n de Cambio preestablecida, previ&#233;ndose que las sociedades podr&#225;n: (i)&nbsp;distribuir dividendos en efectivo, ya sea en car&#225;cter de dividendos definitivos o anticipados con anterioridad a la Fecha Efectiva de Fusi&#243;n, (ii)&nbsp;emitir obligaciones negociables con o sin oferta p&#250;blica y tomar endeudamiento bancario en los mercados financieros locales o internacionales&#160; siempre que el nivel total de endeudamiento financiero neto de la sociedad que se endeude no supere tres (3)&nbsp;veces el nivel de EBITDA de la sociedad del per&#237;odo de doces meses m&#225;s reciente a la fecha de la determinaci&#243;n.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A partir de la Fecha Efectiva de Fusi&#243;n la administraci&#243;n y representaci&#243;n de Cablevisi&#243;n quedar&#225; a cargo de los administradores y representantes de Telecom Argentina en los t&#233;rminos del art&#237;culo 84 de la LGS y del estatuto social de Telecom Argentina. Las Partes acordar&#225;n qu&#233; funcionarios llevar&#225;n a cabo todos los actos y firmar&#225;n los documentos que eventualmente resulte necesario que realicen o suscriban en nombre de la Sociedad Absorbida.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Garant&#237;as. Las Partes acuerdan las siguientes garant&#237;as para el cumplimiento de una actividad normal en su gesti&#243;n hasta la Fecha Efectiva de Fusi&#243;n:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Comit&#233; de Supervisi&#243;n</u>. Las Partes acuerdan conformar un Comit&#233; de Supervisi&#243;n integrado por ocho (8)&nbsp;miembros, cuatro (4)&nbsp;designados por Telecom Argentina y cuatro (4)&nbsp;designados por Cablevisi&#243;n, que tendr&#225;n a su cargo la supervisi&#243;n de las actividades de las sociedades a fin de garantizar el cumplimiento del giro ordinario de los negocios y el curso regular de las operaciones de cada sociedad, as&#237; como el cumplimiento de las condiciones de contrataci&#243;n con sus respectivas partes relacionadas. Los miembros de dicho comit&#233; deber&#225;n guardar confidencialidad de cualquier informaci&#243;n a la que tengan acceso de cualquiera de las sociedades y solo deber&#225;n comunicar a los respectivos directorios de las sociedades aquellas situaciones que detecten que pudieran afectar el giro ordinario de los negocios y el curso regular de las operaciones o la Relaci&#243;n de Cambio. Asimismo, los miembros de dicho Comit&#233; podr&#225;n recabar la informaci&#243;n que sea necesaria para confeccionar</p>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">el formulario F-1 a presentar ante la Comisi&#243;n Nacional de Defensa de la Competencia de conformidad con las normas aplicables.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transacciones con Partes Relacionadas</font></u>. Las Partes se comprometen a que cualquier transacci&#243;n que realicen o contraten realizar con sus respectivas partes relacionadas ser&#225; realizada en funci&#243;n de dos par&#225;metros: (i)&nbsp;la conveniencia de dicha transacci&#243;n para la respectiva  sociedad y, (ii)&nbsp;que sus t&#233;rminos sean &#147;de mercado&#148;. A fines de determinar si una transacci&#243;n es o no &#147;de mercado&#148;, se deber&#225; considerar: (1)&nbsp;si los t&#233;rminos son al menos igual de favorables para la sociedad que para el resto de las contrapartes no relacionadas de la Parte relacionada en la misma materia; (2)&nbsp;si los t&#233;rminos son al menos igual de favorables para la sociedad que los t&#233;rminos ofrecidos por cualquier otro prestador equivalente o razonablemente comparable con la Parte relacionada en cuesti&#243;n; (3)&nbsp;los par&#225;metros &#147;de mercado&#148; existentes, si los hubiera, publicados por c&#225;maras empresariales o publicaciones especializadas; y (4)&nbsp;la determinaci&#243;n que realice un experto independiente designado por los representantes de la sociedad, en caso que lo crean necesario.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Decimocuarto</font></u></b><b>. Autorizaciones Regulatorias. Conformidades Administrativas y de Bolsas y Mercados de Valores.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Las Partes acuerdan realizar tan pronto como sea posible y siempre dentro de los t&#233;rminos legales, todas las presentaciones que sean necesarias ante entidades regulatorias, administrativas y bolsas y mercados de valores del pa&#237;s y del exterior a fin de llevar adelante y perfeccionar la Fusi&#243;n, incluyendo la Comisi&#243;n Nacional de Valores, la Bolsa de Comercio de Buenos Aires, el BYMA, el ENACOM, la <i>Securities and Exchange Commission</i> de los Estados Unidos de Am&#233;rica, <i>la New York Stock Exchange</i>, Comisi&#243;n Nacional de Defensa de la Competencia y cualquier otra entidad gubernamental o de otro tipo que sea necesaria.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Decimoquinto</font></u></b><b>. Compromisos Adicionales.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Acuerdo de Asistencia T&#233;cnica</u>. Cablevisi&#243;n se compromete a rescindir el Acuerdo de Asistencia T&#233;cnica antes de la Fecha Efectiva de Fusi&#243;n en t&#233;rminos tales que a la Fecha Efectiva de Fusi&#243;n no existan obligaciones pendientes de pago ni responsabilidades o consecuencias adversas para Cablevisi&#243;n que puedan trasladarse a Telecom Argentina por efecto de la Fusi&#243;n.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Restricciones a la Distribuci&#243;n de Dividendos</u>. (a)&nbsp;Cablevisi&#243;n se compromete a convocar, tan pronto como sea posible despu&#233;s de celebradas las Asambleas Extraordinarias de Telecom Argentina y de Cablevisi&#243;n, a una asamblea de tenedores de Obligaciones Negociables de</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">17<a name="PB_17_061837_7608"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Cablevisi&#243;n para someter a consideraci&#243;n de los mismos la modificaci&#243;n de las restricciones contractuales previstas en los t&#233;rminos y condiciones de emisi&#243;n de sus obligaciones negociables a efectos que, de ser aprobada la modificaci&#243;n, dichas restricciones: (i)&nbsp;no se trasladen a Telecom Argentina respecto de la distribuci&#243;n de la totalidad de las ganancias realizadas y l&#237;quidas de Telecom Argentina generadas o existentes antes de la Fecha de la Fusi&#243;n, y (ii)&nbsp;luego de la Fecha Efectiva de la Fusi&#243;n, solo se apliquen a Telecom Argentina en los mismos t&#233;rminos existentes en las obligaciones financieras de Telecom</font>  </font>Argentina; (b)&nbsp;Cablevisi&#243;n se compromete a no incurrir en ninguna restricci&#243;n contractual adicional a las existentes a la distribuci&#243;n de dividendos que pudiera transferirse a Telecom Argentina por efecto de la Fusi&#243;n.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Aspectos Regulatorios</u>. Teniendo en cuenta la restricci&#243;n temporal dispuesta para Telecom Argentina para prestar el Servicio de Televisi&#243;n por Suscripci&#243;n por V&#237;nculo F&#237;sico y/o Radioel&#233;ctrico, la Fecha Efectiva de Fusi&#243;n se supedita entre otras condiciones a la obtenci&#243;n de la Autorizaci&#243;n de ENACOM que es la Autoridad de Aplicaci&#243;n que debe velar por el cumplimiento de lo dispuesto por el Decreto N&#176; 267/2015 y 1340/2016 y las Partes se obligan a realizar sus mejores esfuerzos para obtener dicha autorizaci&#243;n.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Decimosexto</font></u></b><b>. Ley Aplicable y Jurisdicci&#243;n.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">El presente Compromiso Previo de Fusi&#243;n se rige por la legislaci&#243;n argentina. Las disputas que pudieran suscitarse como consecuencia de la aplicaci&#243;n o cumplimiento del presente ser&#225; sometido a la jurisdicci&#243;n de los Tribunales Ordinarios en lo Comercial de la Ciudad de Buenos Aires con renuncia expresa a todo otro fuero o jurisdicci&#243;n.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">En prueba de conformidad se firman seis (6)&nbsp;ejemplares de un mismo y &#250;nico tenor, uno para cada una de las Partes y los cuatro (4)&nbsp;restantes para su presentaci&#243;n ante la Comisi&#243;n Nacional de Valores, la Bolsa de Comercio de Buenos Aires, la Comisi&#243;n Nacional de Defensa de la Competencia y el ENACOM, respectivamente.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Por Telecom Argentina S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mariano M. Ib&#225;&#241;ez - Presidente</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">18<a name="PB_18_061943_8146"></a></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Por Cablevisi&#243;n S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alejandro A. Urricelqui - Presidente</font></p>    </td>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">19<a name="PB_19_061959_7091"></a></p>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ANEXOS AL COMPROMISO PREVIO DE FUSI&#211;N:</font></u></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Anexos I (A)&nbsp;y I (B)</font></u>: Estados Financieros Individuales Especiales de Fusi&#243;n de Telecom Argentina y Cablevisi&#243;n al 31 de marzo de 2017.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Anexo II:</font></u> Estados Financieros Consolidados Especiales de Fusi&#243;n al 31 de marzo de 2017.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Anexo III:</font></u> Mecanismo de c&#225;lculo de la Relaci&#243;n de Cambio.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Anexo I</font></u><u>V</u>: Proyecto de reforma de los Estatutos de Telecom Argentina.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Anexo V</font></u>: Transacciones con Partes Relacionadas de Cablevisi&#243;n.</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">20<a name="PB_20_061955_9039"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Anexos I (A)</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Estados Financieros Individuales Especiales de Fusi&#243;n de Telecom Argentina</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">al 31 de marzo de 2017</font></b></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">21<a name="PB_21_062011_8146"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Anexos I (B)</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Estados Financieros Individuales Especiales de Fusi&#243;n de Cablevisi&#243;n</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">al 31 de marzo de 2017</font></b></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">22<a name="PB_22_062018_7091"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Anexo II:</font></u></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Estados Financieros Consolidados Especiales de Fusi&#243;n al 31 de marzo de 2017.</font></b></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">23<a name="PB_23_062024_455"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Anexo III:</font></u></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Mecanismo de c&#225;lculo de la Relaci&#243;n de Cambio.</font></b></p>
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<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Acciones de   Telecon Argentina S.A.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">969.159.605</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Participaci&#243;n T.   Argentina en el combinado</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nueva cantidad   de acciones total</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.153.688.011</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Acciones a   entregar a Cablevision S.A.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.184.528.406</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Acciones de   Cablevisi&#243;n</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">120.000</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Relacion   de cambio: acciones de Telecom Argentina por cada acci&#243;n de Cablevision</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.871,07005</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Valor de   Referencia de Telecom Argentina S.A. (USD)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.000.000.000</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cantidad de   Acciones de Telecom Argentina S.A.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">969.159.605</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Valor de   referencia por acci&#243;n de Telecom (2)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,16</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Valor de   Referencia de Cablevisi&#243;n S.A. (USD)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.111.111.111</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cantidad de   acciones de Cablevisi&#243;n S.A.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">120.000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Valor de   referencia por acci&#243;n de Cablevisi&#243;n S.A. (2)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50.925,93</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1) No incluye 15.221.373 de acciones propias en cartera</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(2) Determinado al solo efecto de ajustar la relaci</font>&#243;</font>n de cambio</p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">24<a name="PB_24_062033_4141"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Anexo IV</font></u></b><b>:</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proyecto de reforma de los Estatutos de Telecom Argentina</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">25<a name="PB_25_063015_8627"></a></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ANEXO IV: Proyecto de Reforma de los Estatutos de Telecom Argentina S.A</font></u></b><b>.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Primero</font></u></b><b>: Con la denominaci&#243;n de &#147;TELECOM ARGENTINA S.A.&#148; contin&#250;a funcionando la sociedad constitu&#237;da bajo el nombre de &#147;Sociedad Licenciataria Norte Sociedad An&#243;nima&#148;, que posteriormente cambi&#243; su denominaci&#243;n social por &#147;Telecom Argentina Stet-France Telecom S.A.&#148;, y tiene su domicilio legal en la Ciudad de Buenos Aires. El domicilio de la sociedad no podr&#225; ser trasladado fuera de la Rep&#250;blica Argentina sin la autorizaci&#243;n previa de la autoridad competente o de la autoridad que en el futuro la reemplace.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Cuarto:</font></u></b><b> En nota a los Estados Contables de la Sociedad figura la evoluci&#243;n del capital conforme resulta de los aumentos inscriptos en el Registro P&#250;blico de Comercio. En dicha nota se informa la evoluci&#243;n del capital correspondiente a los tres (3)&nbsp;&#250;ltimos ejercicios sociales, su integraci&#243;n, y el monto del capital autorizado a la oferta p&#250;blica.</b></p>
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<p style="margin:0in 0in .0001pt 56.7pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">El capital social est&#225; representado por acciones Clases &#147;A&#148;; &#147;B&#148;,&#160; &#147;C&#148;y &#147;D&#148;, todas ellas ordinarias, escriturales, de UN PESO valor nominal cada una y un voto por acci&#243;n. Mientras la Clase &#147;A&#148; represente al menos el 15% del capital social ordinario de la Sociedad, se requerir&#225; la aprobaci&#243;n de una asamblea especial de la Clase &#147;A&#148; para tomar cualquier resoluci&#243;n asamblearia respecto de una Cuesti&#243;n de Mayor&#237;a Especial listada en el art&#237;culo D&#233;cimo del presente estatuto, previ&#233;ndose que para que sea necesaria la aprobaci&#243;n previa de una asamblea especial de la Clase &#147;A&#148; respecto de la Cuesti&#243;n de Mayor&#237;a Especial listada en el inciso (xxiii)&nbsp;del art&#237;culo D&#233;cimo (aprobaci&#243;n del Plan de Negocios y Presupuesto Anual), la Clase &#147;A&#148; deber&#225; representar al menos el 20% del capital social ordinario de la Sociedad Asimismo, mientras la Clase &#147;D&#148; represente al menos el 15% del capital social ordinario de la Sociedad, se requerir&#225; la aprobaci&#243;n de una asamblea especial de la Clase &#147;D&#148; para tomar cualquier resoluci&#243;n asamblearia respecto de una Cuesti&#243;n de Mayor&#237;a Especial listada en el art&#237;culo D&#233;cimo del presente estatuto, previ&#233;ndose que para que sea necesaria la aprobaci&#243;n previa de una asamblea especial de la Clase &#147;D&#148; respecto de la Cuesti&#243;n de Mayor&#237;a Especial listada en el inciso (xxiii)&nbsp;del art&#237;culo D&#233;cimo (aprobaci&#243;n del Plan de Negocios y Presupuesto Anual), la Clase &#147;D&#148; deber&#225; representar al menos el 20% del capital social ordinario de la Sociedad.&#160; Dichas asambleas especiales se regir&#225;n por el art&#237;culo 250 de la Ley 19.550.</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 56.7pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Las Acciones ordinarias Clase &#147;A&#148;, &#147;C&#148; y &#147;D&#148; podr&#225;n convertirse en Acciones ordinarias Clase &#147;B&#148; con iguales derechos pol&#237;ticos y patrimoniales, </font></b><b>a raz&#243;n de una por una, en cualquier momento, a pedido del titular de la o las acciones ordinarias que desea su conversi&#243;n en otra clase, mediante comunicaci&#243;n dirigida al Directorio. A estos efectos, regir&#225; el siguiente procedimiento: (i)&nbsp;el accionista titular dirigir&#225; al Directorio una nota en la cual conste en el caso de personas f&#237;sicas, su nombre y apellido, documento de identidad, domicilio real y constituido y, en el caso de personas jur&#237;dicas, su raz&#243;n social completa, domicilio social y constituido, y en ambos casos, de corresponder, su clave &#250;nica de identificaci&#243;n tributaria, y la cantidad de acciones ordinarias de la Clase de su propiedad a ese momento, la cantidad de acciones que quiere convertir y el saldo de acciones ordinarias de esa Clase que tendr&#237;a al final de la operaci&#243;n de conversi&#243;n. La solicitud ser&#225; firmada por el accionista titular o su representante autorizado con certificaci&#243;n notarial o bancaria. Tal solicitud revestir&#225; el car&#225;cter de una instrucci&#243;n irrevocable para que el Directorio siga el procedimiento establecido en este Art&#237;culo Cuarto hasta el canje de las acciones, que ser&#225; definitivo; (ii)&nbsp;dicha solicitud quedar&#225; pendiente si es presentada una vez que se haya publicado una convocatoria a asamblea de accionistas de la Sociedad, supuesto en el cual se la considerar&#225; con posterioridad a dicha asamblea; (iii)&nbsp;el Directorio en la primera reuni&#243;n que celebre despu&#233;s de recibida la solicitud de conversi&#243;n, resolver&#225; la misma y comunicar&#225; la nueva composici&#243;n del capital social a la autoridad de contralor pertinente; (iv)&nbsp;el Directorio proceder&#225; de inmediato a requerir el bloqueo de las acciones a Caja de Valores S.A. que tiene a su cargo el Registro de Acciones y comunicar&#225; la conversi&#243;n a la Comisi&#243;n Nacional de Valores (&#147;CNV&#148;) y a la Bolsa de </b></p>
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<p style="margin:0in 0in .0001pt 56.9pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Comercio de Buenos Aires (&#147;BCBA&#148;) para que otorguen la autorizaci&#243;n de transferencia de oferta p&#250;blica y de listado, respectivamente; y (v)&nbsp;Obtenidas las autorizaciones, Caja de Valores S.A. proceder&#225; a registrar la conversi&#243;n de las acciones en el Registro a su cargo. (ESTA COMPARACI&#211;N SE EFECTUA RESPECTO DEL TEXTO DEL ART&#205;CULO CUARTO DEL ESTATUTO MODIFICADO POR LA ASAMBLEA GRAL. ORDINARIA Y EXTRAORDINARIA DEL 23/05/2017 QUE SE ENCUENTRA EN TRAMITE DE INSCRIPCI&#211;N REGISTRAL).</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Quinto:</font></u></b><b> Las acciones ordinarias que en el futuro se emitan ser&#225;n acciones escriturales Clases &#147;A&#148;, &#147;B&#148;, &#147;C&#148; o &#147;D&#148;, de iguales caracter&#237;sticas a las ya establecidas y de acuerdo con las leyes y reglamentaciones vigentes. En toda emisi&#243;n de acciones ordinarias se respetar&#225; la proporci&#243;n entre las acciones Clases &#147;A&#148;, &#147;B&#148;,&#160; &#147;C&#148; y &#147;D&#148; existente al momento en que se celebre la Asamblea que as&#237; lo disponga, salvo que la misma Asamblea resuelva proceder de acuerdo con el segundo p&#225;rrafo del art&#237;culo 194 de la Ley 19.550. La Asamblea tambi&#233;n podr&#225; decidir la emisi&#243;n de acciones preferidas escriturales. Las acciones preferidas podr&#225;n tener derecho a un dividendo de pago preferente, de car&#225;cter acumulativo o no, conforme a las condiciones de su emisi&#243;n, y podr&#225; tambi&#233;n fij&#225;rseles una participaci&#243;n adicional en las ganancias y/o establecerse la posibilidad de su rescate anticipado a opci&#243;n de la sociedad y en las condiciones que se establezcan en su emisi&#243;n.</b></p>
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<p style="margin:0in 0in .0001pt 56.7pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">La Asamblea Extraordinaria podr&#225; decidir la emisi&#243;n de bonos de goce de conformidad con el art&#237;culo 228 de la Ley 19.550 y las previsiones del presente estatuto los que tendr&#225;n los derechos que se les asigne en el presente y en sus t&#233;rminos y condiciones de emisi&#243;n.&#160; La Asamblea Extraordinaria tambi&#233;n podr&#225; decidir la amortizaci&#243;n total o parcial de acciones integradas de conformidad con el art&#237;culo 223 de la Ley 19.550 y, en caso de amortizaci&#243;n total de acciones, se emitir&#225;n bonos de goce a favor de los titulares de acciones totalmente amortizadas en cumplimiento con lo dispuesto en el art&#237;culo 228 de la Ley 19.550 y las disposiciones del presente estatuto. En caso que la amortizaci&#243;n de acciones se haga con el consentimiento del titular de las acciones que se amortizan no ser&#225; necesario realizarla por sorteo o en forma proporcional entre todos los accionistas, siempre que se respete el principio de tratamiento igualitario de todos los accionistas. Asimismo, en caso que la Asamblea Extraordinaria decida la creaci&#243;n de una reserva indisponible con ganancias realizadas y l&#237;quidas por un monto igual al valor nominal de las acciones que se cancelan, la Asamblea Extraordinaria podr&#225; decidir que no es necesaria una reducci&#243;n de capital y que las acciones no canceladas aumenten su valor nominal a efectos de representar por s&#237; mismas el total del capital social. La Asamblea Extraordinaria fijar&#225; los t&#233;rminos y condiciones de emisi&#243;n de los bonos de goce que decida emitir, pudiendo fijarles un monto m&#225;ximo de dividendos a cobrar durante su plazo de duraci&#243;n, el plazo de duraci&#243;n de dichos bonos de goce y los t&#233;rminos y condiciones de pago de dichos dividendos, incluyendo la moneda de pago de los mismos y las protecciones que pueda fijar la asamblea para el cobro de dichos dividendos en la moneda establecida, pudiendo ser un dividendo fijo o variable, un dividendo eventual o contingente a la producci&#243;n de cualquier evento que determine la asamblea, o cualquier combinaci&#243;n de esos elementos, con o sin preferencia o prelaci&#243;n respecto del derecho a dividendos a cobrar por una o m&#225;s clases de acciones de la Sociedad. Los bonos de goce se podr&#225;n emitir en forma cartular o escritural y ser&#225;n nominativos no endosables.&#160; La Sociedad llevar&#225; el registro de la titularidad de dichos bonos de goce y de los pagos de dividendos efectuados a dichos bonos de goce. Los bonos de goce podr&#225;n ser rescatables, total o parcialmente, exclusivamente a opci&#243;n de la Sociedad y en los t&#233;rminos y condiciones que fije al efecto la Asamblea Extraordinaria.&#160; La Asamblea Extraordinaria tambi&#233;n fijar&#225; el derecho que pueda corresponder a cada clase de bonos de goce en el producido de la liquidaci&#243;n de la Sociedad, pudiendo tener preferencia o prelaci&#243;n respecto de una o m&#225;s clases de acciones de la Sociedad en la participaci&#243;n en dicho producido una vez que sea reembolsado el valor nominal de dicha clase o clases de acciones.&#160; Una vez cobrado el dividendo al que los bonos de goce tengan derecho no otorgar&#225;n derecho a participar en ning&#250;n otro pago o distribuci&#243;n que realice la Sociedad, sea durante el devenir normal de la Sociedad o en su liquidaci&#243;n. En caso de disoluci&#243;n sin liquidaci&#243;n de la Sociedad al ser </font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 56.9pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">absorbida por otra que resulte su continuadora, y en raz&#243;n de no haber liquidaci&#243;n de la Sociedad, los bonos de goce no tendr&#225;n derecho a ninguna distribuci&#243;n, dividendo por disoluci&#243;n o concepto similar, sin perjuicio de los derechos a cobrar dividendos de acuerdo a sus t&#233;rminos y condiciones de emisi&#243;n. La Asamblea Extraordinaria que decida la amortizaci&#243;n de acciones y la emisi&#243;n de bonos de goce en los t&#233;rminos del art&#237;culo 228 de la Ley 19.550, podr&#225; delegar en el Directorio la emisi&#243;n de cualquier clase de bonos de goce en los t&#233;rminos y condiciones que fije al efecto. Ni los bonos de goce ni sus titulares tendr&#225;n derecho de preferencia o acrecer ni derecho a la suscripci&#243;n de nuevas acciones de cualquier clase o de cualquier clase de bonos de goce o participaci&#243;n.</font></b><b> (ESTA COMPARACI&#211;N SE EFECTUA RESPECTO DEL TEXTO DEL ART&#205;CULO QUINTO DEL ESTATUTO MODIFICADO POR LA ASAMBLEA GRAL. ORDINARIA Y EXTRAORDINARIA DEL 23/05/2017 QUE SE ENCUENTRA EN TRAMITE DE INSCRIPCI&#211;N REGISTRAL).</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo S&#233;ptimo:</font></u></b><b> En caso de mora en la integraci&#243;n del capital, el Directorio podr&#225; optar entre: a) disponer que los derechos de suscripci&#243;n correspondientes a las acciones en mora sean vendidos en remate p&#250;blico, o por medio de un agente de bolsa si se tratare de acciones cotizables, siendo de cuenta del suscriptor moroso los gastos de remate o venta por medio de un agente de bolsa y los intereses moratorios, sin perjuicio de su responsabilidad por los da&#241;os; b) declarar la caducidad de dichos derechos de suscripci&#243;n, en cuyo caso la sanci&#243;n producir&#225; sus efectos previa intimaci&#243;n a integrar en un plazo no mayor de 30 d&#237;as, con p&#233;rdida de las sumas abonadas; o c) exigir el cumplimiento del contrato de suscripci&#243;n con la indemnizaci&#243;n de da&#241;os y perjuicios que corresponda.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Octavo:</font></u></b><b> El derecho de preferencia en la suscripci&#243;n de nuevas emisiones de acciones ordinarias se regir&#225; por el art&#237;culo 194 de la Ley 19.550. En el caso de una emisi&#243;n de acciones que se divida en las cuatro clases previstas en el art&#237;culo cuarto de este estatuto el derecho de acrecer se entender&#225; limitado a las acciones no suscriptas de la respectiva clase.&#160; Si una vez ejercido el derecho de acrecer dentro de las Clases &#147;B&#148; y &#147;C&#148; hubiese un remanente, el mismo podr&#225; ser suscripto por los accionistas de las otras clases indistintamente, en proporci&#243;n a las acciones que hubiesen suscripto en esa oportunidad. Unicamente si existiese un remanente despu&#233;s del ejercicio de las preferencias antes mencionadas, podr&#225; ser ofrecida a terceros.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo D&#233;cimo</font></u></b><b>: La direcci&#243;n y administraci&#243;n de la sociedad est&#225; a cargo de un Directorio compuesto de once a diecisiete miembros, con mandato por tres ejercicios. La Asamblea debe designar suplentes en igual o menor n&#250;mero que los titulares y por el mismo plazo con el fin de llenar las vacantes que se produjeran, seg&#250;n el orden o m&#233;todo que fije la Asamblea, todo ello sin perjuicio de lo previsto en el art&#237;culo 11&#176; del presente. Los Directores, en su primera sesi&#243;n, deber&#225;n designar a un Presidente y un Vicepresidente. El Vicepresidente reemplazar&#225; al Presidente en caso de ausencia o impedimento. Las reuniones de Directorio se celebrar&#225;n una vez cada tres meses y cada vez que el Directorio as&#237; lo determine. La convocatoria a reuni&#243;n de Directorio deber&#225; realizarse con una antelaci&#243;n no menor de 12 d&#237;as corridos para el tratamiento de asuntos ordinarios y con una antelaci&#243;n no menor de 3 d&#237;as corridos para temas de urgencia. A tal fin el Presidente o el Vicepresidente en caso que lo sustituya, deber&#225; cursar notificaci&#243;n a los miembros del Directorio en el domicilio especial por carta certificada con aviso de recepci&#243;n o por cualquier otro medio fehaciente, inclusive por telex. En dicha notificaci&#243;n se deber&#225; consignar la fecha, hora, lugar de celebraci&#243;n y orden del d&#237;a a considerar. Esta convocatoria no ser&#225; necesaria si est&#225;n presentes la totalidad de los miembros del Directorio. El Directorio funciona con la presencia de la mayor&#237;a absoluta de sus miembros y resuelve por mayor&#237;a de votos presentes, previ&#233;ndose que para aprobar las Cuestiones de Mayor&#237;a Especial que se listan m&#225;s abajo ser&#225; tambi&#233;n necesario: (a)&nbsp;el voto afirmativo de al menos un director nominado por la Clase A para ser electo por la asamblea general; y (b)&nbsp;el voto afirmativo de al menos un director </b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">nominado por la Clase D para ser electo por la asamblea general. En caso de empate, el Presidente tendr&#225; doble voto para cuestiones que no califiquen como Cuestiones de Mayor&#237;a Especial. El Vicepresidente NO tendr&#225; voto de desempate cuando sustituya por cualquier causa al Presidente. El Directorio tambi&#233;n podr&#225; celebrar sus reuniones con sus miembros comunicados entre s&#237; mediante videoteleconferencia, comput&#225;ndose a los efectos del qu&#243;rum tanto los directores presentes como los que participen a distancia. Las actas de estas reuniones ser&#225;n confeccionadas y firmadas dentro los cinco (5)&nbsp;d&#237;as de celebrada la reuni&#243;n por los directores y s&#237;ndicos presentes. Los miembros de la Comisi&#243;n Fiscalizadora deber&#225;n dejar expresa constancia en el acta de los nombres de los directores que han participado a distancia y de la regularidad de las decisiones adoptadas en el curso de la reuni&#243;n. El acta consignar&#225; las manifestaciones tanto de los directores presentes como de los que participen a distancia y sus votos con relaci&#243;n a cada resoluci&#243;n adoptada. La Asamblea fija la remuneraci&#243;n del Directorio. El Directorio podr&#225; designar a los Gerentes Generales, as&#237; como a gerentes especiales, en los t&#233;rminos del art&#237;culo 270 de la Ley 19.550, quienes podr&#225;n ser o no Directores de la Sociedad.&#160; Las siguientes materias son Cuestiones de Mayor&#237;a Especial sujetas a la mayor&#237;a especial prevista en el presente Art&#237;culo:</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(i)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>cualquier enmienda, modificaci&#243;n, complemento o reemplazo de los estatutos o de cualquier otro documento constitutivo de la sociedad o de una Sociedad Controlada;</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(ii)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Cualquier cambio significativo en la conducci&#243;n de los negocios de la Sociedad o cualquier Sociedad Controlada que no est&#233; relacionado con la prestaci&#243;n de servicios de video, telefon&#237;a, datos y otros servicios relacionados, o cualquier nuevo servicio prestado por compa&#241;&#237;as de servicios de tecnolog&#237;a de la informaci&#243;n y las comunicaciones similares en otros mercados, y dem&#225;s negocios razonablemente vinculados con ello;</b></p>
<p style="margin:0in 0in .0001pt 89.3pt;text-indent:-17.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(iii)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>La contrataci&#243;n de cualquier funcionario o empleado de la Sociedad o una Sociedad Controlada que se desempe&#241;e en una posici&#243;n clave tales como: el Director o Gerente General (CEO) Principal Gerente Operativo (COO), Principal Gerente T&#233;cnico (CTO), el Principal Gerente Financiero (CFO) o cualquier otro funcionario o empleado de la Sociedad o una Sociedad Controlada que tenga una l&#237;nea directa de reporte con el Director o Gerente General (CEO) o con el Vice-Presidente de la Sociedad o una l&#237;nea conjunta de reporte con el Director o Gerente General (CEO) y el Vice-Presidente de la Sociedad o el Sub-Gerente General, si lo hubiera, tal como el Auditor Interno (o, en cualquier caso, cualquier otro funcionario o empleado que tenga responsabilidades similares a las anteriores posiciones) o cualquier otra posici&#243;n expresamente designada como una posici&#243;n clave tal como el Director de Abastecimiento, el Director de Legales, el Director de Recursos Humanos, el Director de Asuntos Regulatorios y el Director de Relaciones Institucionales; y la desvinculaci&#243;n del CFO y del auditor interno.</b></p>
<p style="margin:0in 0in .0001pt 89.3pt;text-indent:-17.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(iv)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Cualquier cambio de los auditores externos o asesores impositivos de la Sociedad o cualquier Sociedad Controlada, salvo que se designe a Deloitte Touche Tohmatsu, PricewaterhouseCoopers, KPMG o EY;</b></p>
<p style="margin:0in 0in .0001pt 89.3pt;text-indent:-17.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(v)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>La creaci&#243;n de cualquier comit&#233; del directorio de la Sociedad o del directorio de cualquier&#160; Sociedad Controlada o la ampliaci&#243;n o reducci&#243;n de las facultades de un comit&#233; existente del directorio de la Sociedad o del directorio de cualquier Sociedad Controlada.</b></p>
<p style="margin:0in 0in .0001pt 89.3pt;text-indent:-17.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(vi)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>La fusi&#243;n por absorci&#243;n o fusi&#243;n propiamente dicha de la Sociedad o de cualquier Sociedad Controlada en una operaci&#243;n o serie de operaciones relacionadas, o la adquisici&#243;n de activos (incluido el capital accionario &#151;como este t&#233;rmino se define seguidamente- u otros t&#237;tulos valores) por parte de la Sociedad o cualquier Sociedad Controlada, utilizando como contraprestaci&#243;n el capital accionario de la Sociedad o de una Sociedad Controlada excepto por la fusi&#243;n de la Sociedad con Cablevisi&#243;n Holdings S.A. donde; (1)&nbsp;la Sociedad es la sociedad sobreviviente, (2)&nbsp;no sean transferidos a la Sociedad otros activos o pasivos que no sean acciones emitidas por la Sociedad y pasivos existentes de Cablevision Holdings S.A. en cantidad m&#237;nimas [que no excedan de US$&nbsp;&nbsp;&nbsp;]. (3)&nbsp;Los accionistas de la Sociedad no sean diluidos en sus derechos econ&#243;micos o de voto por la relaci&#243;n de cambio de acciones emitidas por Cablevisi&#243;n Holdings S.A. por acciones emitidas por la Sociedad o de cualquier otra manera como resultado de la fusi&#243;n, y (4)&nbsp;la fusi&#243;n califica como una reorganizaci&#243;n libre de impuestos conforme a las normas argentinas.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(vii)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Cualquier adquisici&#243;n por parte de la Sociedad o de Sociedades Controladas, en una &#250;nica operaci&#243;n o mediante una serie de operaciones (salvo con una Subsidiaria de la Sociedad) de activos (incluyendo capital accionario u otros t&#237;tulos valores), con excepci&#243;n de adquisiciones que impliquen pagos totales por un monto o activos con un Valor de Mercado que no exceda de U$S 50 millones;</b></p>
<p style="margin:0in 0in .0001pt 89.3pt;text-indent:-17.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(viii)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Cualquier acto de disposici&#243;n realizado por la Sociedad o cualquier&#160; Sociedad Controlada en una operaci&#243;n (salvo con una Subsidiaria totalmente controlada (excepto por la m&#237;nima cantidad de acciones necesarias para cumplir con un requisito de pluralidad de accionistas)) en la que el Valor de Mercado de los bienes enajenados excede U$S30 millones, salvo en el caso de una enajenaci&#243;n requerida por orden de una autoridad gubernamental competente;</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(ix)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>la emisi&#243;n, entrega, oferta, venta, adquisici&#243;n, rescate o compra por parte de la Sociedad o de cualquier Sociedad Controlada de acciones de cualquier clase o serie de su Capital Accionario u otros t&#237;tulos valores convertibles en o ejercibles o canjeables por, u opciones, warrants o derechos de cualquier tipo para suscribir o adquirir, acciones de cualquier clase o serie de su Capital Accionario u otros t&#237;tulos valores, o cualquier reestructuraci&#243;n accionaria, subdivisi&#243;n, recapitalizaci&#243;n, combinaci&#243;n o reclasificaci&#243;n del Capital Accionario de la Sociedad o de cualquier Sociedad Controlada o la celebraci&#243;n de un contrato, acuerdo, compromiso o convenio relacionado con lo antedicho;</b></p>
<p style="margin:0in 0in .0001pt 89.3pt;text-indent:-17.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(x)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>La adopci&#243;n de cualquier programa de remuneraci&#243;n en acciones para los directivos de la Sociedad, que prevea la emisi&#243;n de t&#237;tulos valores o derechos por debajo de su Valor de Mercado o que, una vez emitidos o ejercidos, representar&#237;an m&#225;s que el mayor entre el dos por ciento (2%) del Capital Accionario de la Sociedad o U$S 5 millones,</b></p>
<p style="margin:0in 0in .0001pt 89.3pt;text-indent:-17.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(xi)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>La presentaci&#243;n en concurso por parte de la Sociedad o la celebraci&#243;n de un acuerdo preventivo extrajudicial, conforme la ley de concursos de Argentina o una presentaci&#243;n realizada conforme a cualquier otra ley concursal o de quiebras de Argentina o cualquier otro lugar, o el reconocimiento por escrito de la quiebra, insolvencia o estado de cesaci&#243;n de pagos o la inhabilidad general de pagar sus deudas al vencimiento de la Sociedad o cualquier Sociedad Controlada.</b></p>
<p style="margin:0in 0in .0001pt 89.3pt;text-indent:-17.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(xii)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>El incurrimiento en Deuda por prestamos tomados por la Sociedad o una Sociedad Controlada, salvo por Deuda que, una vez sumada a las dem&#225;s Deudas pendientes de la Sociedad y sus Sociedades Controladas (neta de cualesquiera dep&#243;sitos en custodia en efectivo destinados &#250;nicamente a pagar Deuda) no exceda tres (3)&nbsp;veces el EBITDA consolidado de la Sociedad para el &#250;ltimo per&#237;odo de doce (12) meses inmediatamente anterior a dicho incurrimiento para el que se dispone de estados financieros consolidados de la Sociedad.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(xiii)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>La creaci&#243;n o imposici&#243;n de un Gravamen sobre cualquier activo de la Sociedad o de cualquier Sociedad Controlada cuyo Valor de Mercado sea superior a U$S 30 millones, exceptuando aquellos grav&#225;menes especialmente aprobados como parte de la autorizaci&#243;n de Gastos de Capital o adquisiciones de activos.</b></p>
<p style="margin:0in 0in .0001pt 89.3pt;text-indent:-17.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(xiv)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>el otorgamiento de un pr&#233;stamo o anticipo a cualquier persona o el otorgamiento de garant&#237;as de las obligaciones de una persona, salvo por (A)&nbsp;una garant&#237;a de la Deuda de una Sociedad Controlada permitida bajo el inciso (xii)&nbsp;del presente Art&#237;culo, o (B)&nbsp;cualquier adelanto comercial aprobado con anterioridad en relaci&#243;n con proyectos aprobados bajo los incisos (vii)&nbsp;o (xv)&nbsp;del presente Art&#237;culo, o (C)&nbsp;adelantos comerciales a proveedores de la Sociedad o a Sociedades Controladas en un monto que no exceda en total los U$S 20 millones en una operaci&#243;n o serie de operaciones;</b></p>
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<p style="margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(xv)&#160;&#160;&#160;&#160; La aprobaci&#243;n de Gastos de Capital que excedan en total en cualquier ejercicio determinado un monto igual a U$S 1 mill&#243;n,&#160; salvo aquellos Gastos de Capital necesarios para mantener el buen funcionamiento de las instalaciones, equipamiento y sistemas de la Sociedad, incluyendo la renovaci&#243;n y reemplazo del material obsoleto;</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(xvi)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Las contrataciones o cualquier otro arreglo en los cuales la Sociedad o sus Sociedades Controladas se encuentren obligadas a realizar pagos que excedan la suma de (i)&nbsp;U$S 5 millones (o su equivalente en otra moneda) con respecto a las </b></p>
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<p style="margin:0in 0in .0001pt 1.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">transacciones que no fueran del curso ordinario del negocio y (ii)&nbsp;U$S 30 millones con respecto a las transacciones que correspondan con el curso ordinario del negocio, y en cada caso, que no est&#233;n sujetas a otro inciso del presente Art&#237;culo;</font></b></p>
<p style="margin:0in 0in .0001pt 89.3pt;text-indent:-17.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(xvii)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>La aprobaci&#243;n de operaciones con personas controladas, controlantes o sujetas a control com&#250;n con un Accionista;</b></p>
<p style="margin:0in 0in .0001pt 89.3pt;text-indent:-17.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(xviii)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160; </font><b>Las decisiones relacionadas con la consolidaci&#243;n de las operaciones de la Sociedad con sus Sociedades Controladas, excepto aquellos casos en los cuales no hay diluci&#243;n de derechos de voto o econ&#243;micos de los accionistas y donde no hay transferencia o asunci&#243;n de pasivos de terceros ni la transferencia o asunci&#243;n de un patrimonio neto negativo;</b></p>
<p style="margin:0in 0in .0001pt 89.3pt;text-indent:-17.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(xix)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>La aprobaci&#243;n durante cualquier ejercicio de (i)&nbsp;cualquier aumento en la compensaci&#243;n del CEO que supere un 10% en t&#233;rminos reales tras considerar los efectos de la inflaci&#243;n en D&#243;lares o en Pesos Argentinos dependiendo de la moneda que se aplique en la compensaci&#243;n relevante y (ii)&nbsp;cualquier aumento de aquellos empleados o funcionarios que se desempe&#241;en en posiciones clave de la Sociedad o de una Subsidiaria Significativa si luego de dicho aumento la remuneraci&#243;n anual de dicho empleado para dicho ejercicio supera el 80% de la compensaci&#243;n anual del CEO para dicho ejercicio en t&#233;rminos reales.</b></p>
<p style="margin:0in 0in .0001pt 89.3pt;text-indent:-17.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(xx)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b>La aprobaci&#243;n de nuevas L&#237;neas de Negocio o la discontinuaci&#243;n de L&#237;neas de Negocio de la Sociedad o de una Subsidiaria Significativa.</b></p>
<p style="margin:0in 0in .0001pt 89.3pt;text-indent:-17.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(xxi)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b>La modificaci&#243;n de la pol&#237;tica de dividendos, o la firma de contratos o acuerdos que impongan restricciones o condiciones a la declaraci&#243;n o pago de dividendos o de cualquier distribuci&#243;n a los Accionistas;</b></p>
<p style="margin:0in 0in .0001pt 89.3pt;text-indent:-17.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(xxii)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Las presentaciones, solicitudes o requerimientos para la aprobaci&#243;n de la registraci&#243;n o cancelaci&#243;n de la registraci&#243;n de valores negociables con entidades gubernamentales nacionales o internacionales o para el listado o cancelaci&#243;n del listado de valores negociables en mercados de valores dom&#233;sticos o internacionales.</b></p>
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<p style="margin:0in 0in .0001pt 1.4in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(xxiii) La aprobaci&#243;n del Presupuesto Anual Consolidado y del Plan de Negocios de la Sociedad y sus Sociedades Controladas, salvo que haya sido aprobado por unanimidad en el Comit&#233; Ejecutivo de la Sociedad.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A los fines del presente estatuto, los siguientes t&#233;rminos tendr&#225;n el significado expresado a continuaci&#243;n para cada uno de ellos:</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Afiliada&#148; significa, en relaci&#243;n con una persona espec&#237;fica, toda persona que a la fecha de determinaci&#243;n de la condici&#243;n de Afiliada sea, directa o indirectamente, ya sea a trav&#233;s de uno o m&#225;s intermediarios, la persona Controlante de dicha Persona espec&#237;fica, la persona Controlada de la misma o se encuentre bajo Control com&#250;n con ella; estableci&#233;ndose que ning&#250;n accionista ser&#225; considerado una Afiliada de cualquiera de los otros Accionistas por el mero hecho de haber realizado una inversi&#243;n en la Sociedad; estableci&#233;ndose, asimismo, que ni la Sociedad ni ninguna Sociedad Controlada ser&#225; considerada una Afiliada de un Accionista.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Capital Accionario&#148; de una persona significa cualquiera y todas las acciones, derechos, derechos de compra, opciones (warrants), t&#237;tulos vinculados al capital, debentures convertibles, opciones, participaciones, derechos en ellos o equivalentes (cualquiera sea su denominaci&#243;n) del capital accionario de dicha Persona u otras participaciones en el capital, incluyendo partes de inter&#233;s, sean comanditarias o comanditadas, en dicha persona, incluyendo tambi&#233;n toda acci&#243;n preferida y todos los derechos, warrants u opciones que sean canjeables por o convertibles en dichas acciones de capital, ya sea que se encuentren en circulaci&#243;n a la fecha del contrato de fideicomiso o que se emitan con posterioridad.</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:2.7pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Control&#148; significa, en relaci&#243;n con una persona determinada (que no sea una persona f&#237;sica), la posesi&#243;n, directa o indirecta, de la facultad de dirigir o controlar la direcci&#243;n de la administraci&#243;n y pol&#237;ticas de dicha persona, ya sea mediante la titularidad de t&#237;tulos, cuotas o acciones con derecho a voto, mediante contrato o por cualquier otro medio.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Coeficiente Deuda/EBITDA&#148; significa, respecto de la Sociedad, en cualquier momento, su coeficiente de la Deuda consolidada neta, a la fecha del balance consolidado m&#225;s reciente disponible de la Sociedad, respecto de su EBITDA consolidado para los cuatro trimestres econ&#243;micos m&#225;s recientes respecto de los que se dispone de estados de resultados y estados de origen y aplicaci&#243;n de los fondos de esa Persona, calculado de acuerdo con los PCGA de Argentina en base a los estados contables publicados m&#225;s recientes de la Sociedad.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Deuda&#148; significa, con respecto a cualquier persona a la fecha de determinaci&#243;n, sin que implique duplicaci&#243;n, (a)&nbsp;todos los pasivos de dicha persona por pr&#233;stamos (incluso por sobregiros) o por el precio de compra diferido de bienes o servicios, excluidas las deudas comerciales y otros pasivos (incluidos los desembolsos pendientes) incurridos en el curso ordinario de los negocios (instrumentados o no mediante un pagar&#233;), pero incluyendo, entre otros, todas las obligaciones de dicha Persona, eventuales o de otra &#237;ndole, en relaci&#243;n con cartas de cr&#233;dito y aceptaciones emitidas conforme a cartas de l&#237;neas de cr&#233;ditos, l&#237;neas de aceptaciones bancarias o similares, (b)&nbsp;todas las obligaciones de dicha persona instrumentadas mediante bonos, t&#237;tulos de deuda, debentures u otros instrumentos similares, (c)&nbsp;toda la deuda de dicha persona incurrida o que surge de un contrato de compraventa condicional u otro acuerdo que implique retenci&#243;n del dominio sobre el bien adquirido por dicha persona (a&#250;n cuando los derechos y acciones del vendedor o prestamista conforme al convenio, en caso de incumplimiento, se limiten a recuperar la posesi&#243;n del bien o a su venta), pero excluyendo las deudas comerciales derivadas del curso ordinario de las operaciones; (d)&nbsp;todas las obligaciones por locaciones capitalizadas de dicha persona, (e)&nbsp;toda la deuda referida (pero no excluida de) en las cl&#225;usulas precedentes de otras personas y todos los dividendos de otras Personas, cuyo pago se encuentra garantizado (o respecto del cual el acreedor de dicha deuda posee un derecho, eventual o de otro tipo, a ser garantizado) mediante un gravamen constituido o vinculado a un bien (incluyendo, entre otros, cuentas y derechos contractuales) de propiedad de dicha persona, a&#250;n cuando esa persona no hubiera asumido o aceptado responsabilidad por el pago de dicha deuda (consider&#225;ndose que el monto de la obligaci&#243;n es el menor de los valores de dicho bien o activo o el monto de la obligaci&#243;n as&#237; asegurada), (f)&nbsp;todas las garant&#237;as otorgadas por dicha persona de la deuda referida en esta definici&#243;n correspondiente a cualquier otra persona, (g)&nbsp;todo el capital accionario de dicha persona, que pueda ser rescatado, valuado a lo que resulte ser mayor entre el precio de recompra m&#225;ximo voluntario o involuntario fijado, m&#225;s los dividendos devengados y no abonados; (h)&nbsp;toda obligaci&#243;n de dicha Persona en virtud de o en relaci&#243;n con contratos sobre tasa de inter&#233;s o sobre divisas y (i)&nbsp;la financiaci&#243;n del vendedor. A estos fines, el &#147;precio de recompra m&#225;ximo fijado&#148; del capital accionario que pueda ser objeto de rescate y que no posee un precio de recompra fijado, ser&#225; el justo valor de mercado de dicho capital accionario sujeto a rescate. El justo valor de mercado ser&#225; determinado de buena fe por el directorio de la Sociedad y constar&#225; en una resoluci&#243;n de directorio. La Deuda no incluir&#225; (a)&nbsp;obligaciones de ninguna Persona (i)&nbsp;que surjan del pago por parte de un banco u otra instituci&#243;n financiera, de un cheque, giro o instrumento similar que hubiese sido inadvertidamente librado sin fondos en el curso normal de las operaciones, siempre que dichas obligaciones se extingan dentro de los 2 (dos) d&#237;as h&#225;biles siguientes a ser incurridas, a menos que estuviesen cubiertas por una autorizaci&#243;n para girar en descubierto, (ii)&nbsp;deriven del endoso para el cobro de t&#237;tulos de cr&#233;dito, en el curso ordinario de las operaciones y de conformidad con las pr&#225;cticas comerciales aplicadas con anterioridad y (iii)&nbsp;derivadas de cartas de cr&#233;dito &#147;stand-by&#148; si est&#225;n garantizadas con efectivo o equivalentes y (b)&nbsp;obligaciones derivadas de garant&#237;as de cumplimiento, avales de cumplimientos, seguros de cauci&#243;n, garant&#237;as o contracautelas por apelaci&#243;n, cartas de cr&#233;dito u obligaciones similares incurridas en el curso ordinario de las operaciones.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;EBITDA&#148; significa el monto de los Resultados Netos Consolidados de la Sociedad y sus subsidiarias determinados conforme a los PCGA de Argentina, excluyendo los resultados extraordinarios y los resultados correspondientes a las Afiliadas, m&#225;s ingresos (egresos) financieros, cargos por impuesto a las ganancias, otros &#237;tems que no constituyen efectivo y cargos por depreciaci&#243;n y amortizaci&#243;n correspondientes al per&#237;odo pertinente.</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:2.7pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Gastos de Capital&#148; significa, respecto a una Persona durante cualquier per&#237;odo, al monto de todos los gastos directa o indirectamente realizados en concepto de equipos, bienes de uso, bienes inmuebles o mejoras en ellos o a los bienes que los reemplacen, que han sido contabilizados como altas en los bienes de capital en el estado de situaci&#243;n patrimonial consolidado confeccionado de conformidad con los PCGA de Argentina, vigentes al tiempo de su determinaci&#243;n.</font></b></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">32<a name="PB_32_202537_536"></a></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Gravamen&#148; significa toda hipoteca, prenda, derecho de garant&#237;a, carga, reclamo, embargo, opci&#243;n, cesi&#243;n en garant&#237;a, servidumbre, privilegio, restricci&#243;n (incluyendo todo acuerdo de accionistas o sindicaci&#243;n de acciones), embargo o cualquier otra restricci&#243;n de cualquier tipo, en cada caso constituida o creada a los fines de garantizar deuda financiera u obligaciones financieras, o con cualquier otro fin.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Valor de Mercado&#148; significa, en relaci&#243;n con la Sociedad, las acciones de la Sociedad o cualquier otro activo o bien (incluyendo los t&#237;tulos valores), el precio de contado al cual un vendedor estar&#237;a dispuesto a vender y un comprador a comprar en una operaci&#243;n entre partes independientes, no encontr&#225;ndose ninguna de las partes bajo ninguna presi&#243;n ni coerci&#243;n para comprar o vender, en cada caso seg&#250;n lo determine un banco de inversi&#243;n independiente seleccionado por el directorio de la Sociedad.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;PCGA de Argentina&#148; significa los principios contables generalmente aceptados en la Rep&#250;blica Argentina, vigentes en forma peri&#243;dica.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Subsidiaria&#148; significa, con respecto a una persona, cualquier otra persona en la cual por lo menos el 50% de su capital accionario o acciones con derecho a voto pertenece, directa o indirectamente, a la mencionada persona y/o a una o m&#225;s de sus Subsidiarias.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Subsidiaria Significativa&#148; significa una Subsidiaria de la Sociedad cuyos activos, considerados en forma no consolidada, a la fecha del estado de situaci&#243;n patrimonial consolidado auditado m&#225;s reciente de la Sociedad a la fecha de determinaci&#243;n, representan al menos el 10% de los activos consolidados de la Sociedad.</font></b></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo D&#233;cimo Bis</font></u></b><b>: La Sociedad contar&#225; con un Comit&#233; de Auditor&#237;a en los t&#233;rminos requeridos por las normas aplicables, el cual funcionar&#225; en forma colegiada y estar&#225; integrado por un m&#237;nimo de tres Directores que ser&#225;n designados por el Directorio por mayor&#237;a simple de votos. La mayor&#237;a de los miembros del Comit&#233; de Auditor&#237;a deber&#225;n revestir el car&#225;cter de directores independientes, conforme a los criterios establecidos por la Comisi&#243;n Nacional de Valores. El Directorio dictar&#225; un reglamento relativo a la composici&#243;n, atribuciones, funcionamiento y dem&#225;s particularidades del Comit&#233; de Auditor&#237;a, el que se regir&#225; seg&#250;n lo dispuesto por la ley, el estatuto y las normas de la Comisi&#243;n Nacional de Valores.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo D&#233;cimo Primero</font></u></b><b>: Los Directores Titulares y Suplentes ser&#225;n elegidos por la Asamblea General Ordinaria, la cual podr&#225; asimismo removerlos, por mayor&#237;a de votos de los tenedores de acciones de las cuatro clases.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo D&#233;cimo Tercero</font></u></b><b>: El Directorio tiene todas las facultades para administrar y disponer de los bienes, incluso aqu&#233;llas para las cuales la ley requiere poderes especiales, conforme el art&#237;culo 375 del C&#243;digo Civil y Comercial de la Naci&#243;n y el art&#237;culo 9 del Decreto-Ley 5965/63. Puede, en consecuencia, celebrar en nombre de la sociedad, toda clase de actos jur&#237;dicos que tiendan al cumplimiento del objeto social, entre ellos operar con los Bancos de la Naci&#243;n Argentina, de la Provincia de Buenos Aires, y dem&#225;s instituciones de cr&#233;dito oficiales o privadas, establecer agencias, sucursales y toda otra especie de representaci&#243;n dentro o fuera del pa&#237;s; otorgar a una o m&#225;s personas, poderes judiciales, inclusive para querellar criminalmente, o extrajudiciales, con el objeto y extensi&#243;n que juzgue conveniente. La representaci&#243;n legal de la sociedad corresponde al Presidente del Directorio y al Vicepresidente en forma conjunta. . Sin perjuicio de ello, la representaci&#243;n en juicio de la Sociedad ser&#225; ejercida por el Director o Directores, o los mandatarios especiales que el Directorio designe a ese efecto, quienes quedar&#225;n facultados ampliamente a ese fin inclusive para poner y absolver posiciones en representaci&#243;n de la Sociedad, pudiendo sustituirse tal mandato, si el Directorio as&#237; lo dispone. El Directorio podr&#225; designar un Comit&#233; Ejecutivo que actuar&#225; bajo vigilancia del Directorio y tendr&#225; a su cargo </b><b>los asuntos propios de la administraci&#243;n interna de la Sociedad; la consideraci&#243;n preliminar de los planes e iniciativas de significaci&#243;n para su sometimiento a la aprobaci&#243;n del Directorio; el seguimiento de las decisiones del Directorio para controlar su </b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">implementaci&#243;n y cumplimiento y la gesti&#243;n de cualquier operaci&#243;n relativa a </font></b><b>los negocios ordinarios de la Sociedad. El Comit&#233; Ejecutivo estar&#225; integrado por cinco (5)&nbsp;directores titulares. Se reunir&#225; al menos diez (10)&nbsp;veces por a&#241;o y se llevar&#225; un libro de actas de las reuniones celebradas. Sesionar&#225; con la participaci&#243;n personal o comunicados mediante videoteleconferencia, de todos sus miembros. Las decisiones se adoptar&#225;n por unanimidad; cuando la misma no se obtuviera en dos reuniones</b>  <b>sucesivas, el tema ser&#225; elevado a consideraci&#243;n del Directorio. </b><b>El Directorio queda facultado para aprobar un Reglamento del Comit&#233; Ejecutivo con el objeto de especificar sus facultades y normar su funcionamiento en el marco de lo previsto por este Estatuto.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo D&#233;cimo-Cuarto:</font></u></b><b> La fiscalizaci&#243;n de la sociedad est&#225; a cargo de una Comisi&#243;n Fiscalizadora compuesta de cinco miembros titulares y tres o cinco suplentes, cuyo n&#250;mero y elecci&#243;n ser&#225;n resueltos por la Asamblea por el t&#233;rmino de un ejercicio. La Comisi&#243;n Fiscalizadora sesionar&#225; v&#225;lidamente con la presencia de la mayor&#237;a absoluta de sus integrantes y sus decisiones se adoptar&#225;n por mayor&#237;a de votos presentes sin perjuicio de los derechos que le corresponden al s&#237;ndico disidente. La Comisi&#243;n Fiscalizadora elegir&#225; a su Presidente de entre los miembros titulares, en caso que la Asamblea no haya procedido a su elecci&#243;n. Los miembros suplentes de la Comisi&#243;n Fiscalizadora cubrir&#225;n las vacantes que se produjeran, seg&#250;n el orden o m&#233;todo que fije la Asamblea. La Comisi&#243;n Fiscalizadora podr&#225; ser representada por cualquiera de sus miembros en las reuniones de Directorio o Asamblea.</b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Anexo V:</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Transacciones con Partes Relacionadas de Cablevisi&#243;n</font></b></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;30</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PRELIMINARY MERGER AGREEMENT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">entered into between</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(as Surviving Company)</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">and</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CABLEVISION S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(as Merged Company)</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">June&nbsp;30, 2017</font></b></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">1<a name="PB_1_184929_7056"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PRELIMINARY MERGER AGREEMENT</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">This PRELIMINARY MERGER AGREEMENT is entered on June&nbsp;</font>30, 2017 between:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Telecom Argentina S.A.</b> (&#147;<u>Telecom Argentina</u>&#148; or, the &#147;<u>Surviving Company</u>&#148;), domiciled at Ave. Alicia Moreau de Justo 50, 13<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&#160;floor, Autonomous City of Buenos Aires;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Cablevisi&#243;n S.A.</b> (&#147;<u>Cablevisi&#243;n</u>&#148; or, the &#147;<u>Merged Company</u>&#148;), domiciled at Avda.&nbsp;General Hornos 690, Autonomous City of Buenos Aires and, together with Telecom Argentina, the &#147;<u>Parties</u>&#148; and each of them individually, a &#147;<u>Party</u>&#148;.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS:</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Telecom Argentina&#146;s primary business is the provision, directly or through third parties or associated with third parties, of TIC Services (as such term is defined below), whether fixed, mobile, wired, wireless, national or international, with or without own infrastructure telecommunication services, value added services (including Internet access) and data transmission services within the framework of the applicable licenses, and its corporate purpose includes the provision of Audiovisual Communication Services (as such term is defined below). In addition, Telecom Argentina also carries out activities as a holding company.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cablevisi&#243;n&#146;s primary business is also the provision of TIC Services that are registered in the Digital Argentina Sole License held by Cablevisi&#243;n pursuant to Resolution No.&nbsp;1359/2016, mainly including, among others, the provision of Television Subscription Services by physical link and radio electrical link, and Data Transmission Services, as well as other fixed, mobile, wired and wireless, national and international telecommunication services, also including without limitation the Value Added Services (including Internet access), Telephony and Trunking (the latter being provided through its subsidiary Nextel, which is currently undergoing a merger by incorporation with Cablevisi&#243;n) and the Advanced Mobile Communications Service through a network to be deployed by Cablevisi&#243;n. Cablevisi&#243;n&#146;s corporate purpose includes the possibility of providing Audiovisual Communication Services. In addition, Cablevisi&#243;n also carries out activities as a holding company.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Today, at both national and international levels, there is a trend towards technological convergence between media and telecommunications of various separated or independent forms of provision of voice, data, sound and image transmission services, both fixed and wireless, in a sole product or series of products to be provided to users as a whole (the &#147;<u>Convergence Products</u>&#148;) for the benefit of users and consumers of such multiple individual services.</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_185010_5335"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>January&nbsp;1<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">st</font>, 2018 will be the expiration of the period set forth by Decrees No.&nbsp;267/15 and 1340/16 to lift the restriction that applies exclusively to the providers of Basic Telephonic Services whose license has been granted pursuant to the terms of Decree No.&nbsp;62/90 and items 1 and 2 of Section&nbsp;5 of Decree No.&nbsp;264/98, as well as the providers of Mobile Telephonic Services with license granted pursuant to the bidding terms and conditions approved by Resolution of the then Ministry of Finance and Public Works and Services No.&nbsp;575/93 and ratified by Decree No.&nbsp;1,461/93, among these Telecom Argentina and Telecom Personal, to include in their offer of telecommunication services, Television Subscription Services by physical link and/or radio electrical link.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For purposes of offering Convergence Products to their respective clients, the Parties have considered that their respective operative and technical structures are highly complementary and could be optimized through a structural consolidation, achieving synergies and efficiencies in the development of Convergence Products that the market will demand as regulatory restrictions are lifted.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Parties consider that such structural consolidation shall be achieved through a merger pursuant to the Companies General Law (the &#147;CGL&#148;).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Both Telecom Argentina and Cablevisi&#243;n are public companies in Argentina, therefore subject to exhaustive rules&nbsp;of information with annual, quarterly and urgent and immediate levels of disclosure in case relevant events that may affect the market price of their securities take place, pursuant to the rules&nbsp;of the National Securities Commission (&#147;Comisi&#243;n Nacional<i> de </i>Valores&#148;). As a result, each of the Parties has access to public information relating to the other, which allows it to prepare and make the documentation for the Merger (as such term is hereinafter defined) in the same terms of transparency as those existing for investors in the companies involved; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Having analyzed the terms on which such merger may be perfected, the Parties wish to undertake the applicable corporate and regulatory procedure.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOW THEREFORE</font></b>, the Parties hereto agree to enter into this PRELIMINARY MERGER AGREEMENT, subject to the applicable shareholders&#146; approvals of Telecom Argentina and Cablevisi&#243;n pursuant to the terms of Section&nbsp;83 et seq. of the CGL, the Rules&nbsp;of the National Securities Commission and the other terms and conditions provided herein.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;One.</font></u> DEFINITIONS.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following capitalized terms shall have the meaning assigned to them as follows, except when the use of a capital letter exclusively responds to the grammatical rule&nbsp;that requires it at the beginning of a sentence, or applies to a proper noun:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Class&nbsp;A Share of CV</u>&#148;: </font></b>means each of the 96,006 book entry Class&nbsp;&#147;A&#148; shares of common stock, with one vote each and a par value of Argentine pesos ten thousand each, issued by Cablevisi&#243;n and representing 80.005% of its capital stock, which are not listed in ByMA nor in any other exchange or market of Argentina or abroad.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Class&nbsp;B Share of CV</u>&#148;: </font></b>means each of the 23,994 book entry Class&nbsp;&#147;B&#148; shares of common stock, with one vote each and a par value of Argentine pesos ten thousand each, issued by Cablevisi&#243;n and representing 19.995% of its capital stock, which are not listed in ByMA nor in any other exchange or market of Argentina or abroad.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Class&nbsp;A Share of Telecom Argentina</u>&#148;: </font></b>means each of the 502,034,299 book entry Class&nbsp;&#147;A&#148; shares of common stock, with one vote each and a par value of one Argentine Peso, issued as of the date hereof by Telecom Argentina, originally authorized to be listed in the Buenos Aires Stock Exchange, but without actual trading in the securities market until the date hereof.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Class&nbsp;B Share of Telecom Argentina</u>&#148;: </font></b>means each of the 482,111,931 book entry Class&nbsp;&#147;B&#148; shares of common stock, with one vote each and a par value of one Argentine Peso, issued as of the date hereof by Telecom Argentina that are listed in ByMA and of which 15,221,373 are treasury stock.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Class&nbsp;D Share of Telecom Argentina</u>&#148;: </font></b>means each of the book entry Class&nbsp;&#147;A&#148; shares of common stock, with one vote each and a par value of one Argentine Peso, convertible into Class&nbsp;B Shares, to be issued by Telecom Argentina as a result of the Merger.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Technical Assistance Agreement</u>&#148;: </font></b>means the technical assistance agreement entered into between Cablevisi&#243;n and CVH in May&nbsp;2017.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Final Merger Agreement</u>&#148;: </font></b>means the final merger agreement to be entered into between Telecom Argentina and Cablevisi&#243;n for purposes of implementing this Merger, pursuant to the terms of Sections 82, 83 et seq. of the CGL and the terms of this Agreement.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Ordinary and Extraordinary Shareholders Meeting of Telecom Argentina</u>&#148;:</font></b> means an ordinary and extraordinary shareholders meeting to be called by Telecom Argentina to approve this Preliminary Merger Agreement.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Extraordinary Shareholders Meeting of Cablevisi&#243;n</u>&#148;:</font></b> means an extraordinary shareholders meeting to be called by Cablevisi&#243;n to approve the terms of this Preliminary Merger Agreement to be entered into pursuant to Section&nbsp;244 of the CGL.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>ENACOM Authorization</u>&#148;: </font></b>means a resolution issued by the ENACOM authorizing: i) the Merger and ii) the registration of the records, resources, </p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">assignations, permits, frequencies and authorizations held by Cablevisi&#243;n and/or the companies absorbed by Cablevisi&#243;n under the Digital Argentina Sole License held by Telecom Argentina.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Notice</u>&#148;:</font></b> means the notice to be published by Telecom Argentina and Cablevisi&#243;n pursuant to Section&nbsp;83 of the CGL for the exercise of the Opposition Rights of their respective creditors.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><u style="font-weight:bold;">ByMA</u></b>&#148;<b>:</b> means Argentine Exchanges and Markets (&#147;Bolsas y Mercados Argentinos&#148;), the securities market successor, since April&nbsp;2017, of the operations of the Buenos Aires Securities Market S.A. (&#147;Mercado de Valores de Buenos Aires S.A.&#148;)</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Agreement</u>&#148; or &#147;<u>Preliminary Merger Agreement</u>&#148;: </font></b>means this Preliminary Merger Agreement.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>CVH</u>&#148;: </font></b>means Cablevisi&#243;n Holding S.A., the holder of 34,425 Class&nbsp;A Shares of CV and 6,782 Class&nbsp;B Shares of CV.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Decree 267/15</u>&#148;: </font></b>means the Decree of Need and Urgency No.&nbsp;267 issued on December&nbsp;29, 2015.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Decree 1340/16</u>&#148;: </font></b>means Decree No.&nbsp;1340 issued on December&nbsp;30, 2016, amending Decree 267/15.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Opposition Rights</u>&#148;: </font></b>means the rights arising from Section&nbsp;83 of the CGL so that within 15 days of the day following the last publication of the Notice by the companies intervening in the Merger, the holders of credits originated in a prior cause or title against the companies may oppose the Merger.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>EBITDA</u>&#148;: </font></b>means, with respect to a person and for the period in which such determination is made, its sales <i>minus </i>sales costs, marketing and management costs (excluding amortizations and depreciations), or, which is the same: the business&#146; earnings before depreciation and amortization, all determined pursuant to the International Financial Reporting Standards (&#147;IFRS&#148;) as reflected in the respective financial statements for the applicable period of Cablevisi&#243;n or Telecom Argentina, as applicable.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>ENACOM</u>&#148;: </font></b>means the Federal Communications Agency as applicable authority of Law No.&nbsp;27,078 of Digital Argentina and Information and Communications Services.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Merger&#146;s Special Consolidated Financial Statements</u>&#148;: </font></b>means the merger&#146;s special consolidated financial statements of Telecom Argentina and Cablevisi&#243;n as of March&nbsp;31, 2017 attached hereto as Schedule II, which were prepared based on the Merger&#146;s Special Individual Financial Statements of each of such companies.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Merger&#146;s Special Individual Financial Statements</u>&#148;: </font></b>means the merger&#146;s special individual financial statements prepared for Telecom Argentina and Cablevisi&#243;n as of March&nbsp;31, 2017 attached hereto as Schedules I-A and I-B of this Agreement.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><u style="font-weight:bold;">Fintech Media</u></b>&#148;<b>:</b> Means Fintech Media LLC, the holder of 17,212 Class&nbsp;B Shares of CV.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>New Shares</u>&#148;:</font></b> means 1,184,528,406 new book entry shares of common stock, with a par value of one Argentine peso and one vote each, which Telecom Argentina shall issue as a result of the Merger, to be delivered to Cablevisi&#243;n&#146;s shareholders, as Class&nbsp;A Shares of Telecom Argentina or Class&nbsp;D Shares of Telecom Argentina, as applicable, pursuant to the Exchange Ratio set forth herein and the other terms of this Preliminary Merger Agreement.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Cablevisi&#243;n&#146; Notes</u>&#148;: </font></b>means the Class&nbsp;A notes (&#147;obligaciones negociables&#148;) issued by Cablevisi&#243;n with an initial par value of US$500,000,000, which are currently outstanding and due on June&nbsp;15, 2021.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><u style="font-weight:bold;">Telecom&#146;s Corporate Reorganization</u></b>&#148;<b>:</b> means the merger by absorption of Nortel Inversora S.A., Sofora Telecomunicaciones S.A. and Telecom Personal S.A. by Telecom Argentina as Surviving Company as describe in the applicable merger prospectus issued by Telecom Argentina on May&nbsp;11, 2017 and published in the Financial Information Highway (&#147;Autopista de Informaci&#243;n Financiera&#148;) of the National Securities Commission.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><u style="font-weight:bold;">Audiovisual Communication Services</u></b>&#148;<b>:</b> means the audiovisual communication services regulated under Law No.&nbsp;26,522, as amended and complemented.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>TIC Services</u>&#148;:</font></b> means the information technology and communication services regulated under Law No.&nbsp;27,078, as amended and complemented.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><u style="font-weight:bold;">VLG</u></b>&#148;<b>:</b> means VLG Argentina LLC, the holder of 61,581 Class&nbsp;A Shares of CV.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Two</font></u></b><b>. Merger.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Parties hereby agree on a merger by absorption of Cablevisi&#243;n, as Merged Company, by Telecom Argentina as Surviving Company, pursuant and subject to the terms of Sections 82 and 83 of the CGL, and within the tax framework provided by Sections 77 et seq. of Law No.&nbsp;20,628 of Income Tax and Section&nbsp;105 of its regulatory Decree No.&nbsp;1344/1998, and the terms of this Preliminary Merger Agreement, all of it subject to the approval of their respective shareholders&#146; meetings and the regulatory approvals and additional conditions set forth in Section&nbsp;Seven of this Agreement, and effective as of the Merger Effective Date (as such term is defined in Section&nbsp;Seven) (hereinafter, the &#147;<u>Merger</u>&#148;).</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Three</font></u>.&#160; General Effects of the Merger.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Resulting from the Merger agreed upon in Section&nbsp;Two and effective as of the Merger Effective Date: (i)&nbsp;the assets and liabilities of the Merged Company shall be transferred in their entirety to the Surviving Company, causing Telecom Argentina to acquire ownership of all rights and assets and assume all obligations and liabilities of any nature of Cablevisi&#243;n including (a)&nbsp;those rights and liabilities that, for any reason, have not been included in the Merger&#146;s Special Individual Financial Statement, including all rights, assets and liabilities arising or discovered after the end date of the Merger&#146;s Special Individual Financial Statements as a result of events or activities prior to such end date; (b)&nbsp;those rights and liabilities of the Merged Company arising from the relationships with its personnel, which personnel shall become directly dependent of Telecom Argentina, and whose seniority, benefits and all other acquired rights shall be respected; and (c)&nbsp;the licenses, records, resources, assignations, permits and authorizations of Cablevisi&#243;n and/or the companies absorbed by Cablevisi&#243;n and/or authorizations of any kind; (ii)&nbsp;Telecom Argentina shall be the successor of all activities, operations, assets, liabilities, rights and obligations of Cablevisi&#243;n as of the Merger Effective Date as well as any of those that may arise from any conducts prior or subsequent thereto; (iii)&nbsp;Cablevisi&#243;n shall dissolve without liquidation; (iv)&nbsp;Telecom Argentina shall increase its capital stock and amend its bylaws pursuant to the terms set forth in Schedule IV of this Agreement; and (v)&nbsp;all holders of Cablevisi&#243;n shares shall be considered shareholders of Telecom Argentina as from the Merger Effective Date, including the exercise of their economic and political rights to the extent of the Exchange Ratio set forth in this Agreement.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Four</font></u>. Amendment of the Bylaws of Telecom Argentina. </b><b>New Capital Structure.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the terms of the Merger, Telecom Argentina shall amend its Bylaws in accordance with the terms set forth in Schedule IV of this Agreement. In addition, as a result of the Merger and taking into account the proposed Exchange Ratio, Telecom Argentina shall increase its capital stock in an amount of Argentine pesos 1,184,528,406. Accordingly, Telecom Argentina shall issue 1,184,528,406 book entry ordinary shares with a par value of one Argentine peso and one vote each (<i>minus</i> any applicable number of shares corresponding to fractions of shares paid in cash), of which, taking into account the direct and indirect shareholdings of Fintech Media and CVH in Cablevisi&#243;n as of the date of this Agreement: (i)&nbsp;473,836,040 shall be Class&nbsp;A Shares of Telecom Argentina and (ii)&nbsp;710,692,366 shall be Class&nbsp;D Shares of Telecom Argentina; which shall be delivered to the shareholders of Cablevisi&#243;n pursuant to the Exchange Ratio and other terms of this Agreement. Both the Class&nbsp;A Shares of Telecom Argentina and the Class&nbsp;D Shares of Telecom Argentina to be delivered to Cablevisi&#243;n&#146;s shareholders shall be freely convertible into Class&nbsp;B Shares of Telecom Argentina and shall have certain supermajority special rights for the approval of the matters set forth in the form of Amended Bylaws of Telecom Argentina attached hereto as Schedule IV. These amendments </font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to be introduced into the Bylaws of Telecom Argentina shall become effective as of the Merger Effective Date.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Five</font></u>. Shares Exchange Ratio.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 31.5pt;text-indent:4.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Exchange Ratio</u>. The Parties have agreed to propose to their respective shareholders&#146; meetings the following Exchange Ratio of shares of common stock of Cablevisi&#243;n to shares of common stock of Telecom Argentina: 1 share of common stock of Cablevisi&#243;n (either a Class&nbsp;A Share of Cablevisi&#243;n or a Class&nbsp;B Share of Cablevisi&#243;n) for every 9,871.07005 New Shares of Telecom Argentina, as applicable pursuant to the terms of this Agreement (the &#147;<u>Exchange Ratio</u>&#148;). Such ratio has been based on an amount of outstanding Telecom Argentina shares of 969,159,605 (excluding the 15,221,373 Class&nbsp;B Shares of Telecom Argentina repurchased by Telecom Argentina and currently held as treasury stock) and an amount of outstanding Cablevisi&#243;n shares of 120,000. Any fractions or decimal numbers of shares resulting from the exchange made to any shareholder shall be paid in cash at the offices of Telecom Argentina on the day and time that shall be in turn announced for the shares exchange. Liquidation of the fractions shall be made following the procedures set forth by applicable law.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 31.5pt;text-indent:4.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Mechanism of Determination of the Exchange Ratio. </u><u>Valuations</u>.</p>
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<p style="margin:0in 0in .0001pt 31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The proposed Exchange Ratio has been determined by the Parties subject to the approval by their respective shareholders meetings, taking into account, among others, the value ranges resulting from the application of the following valuation methods to both companies: a) the net present value of discounted cash flows of each company; b) the valuation multiples of comparable businesses; and c)&#160; the trade market value of the Class&nbsp;B Shares of Telecom Argentina and the Cablevisi&#243;n shares, taking into account for the Cablevisi&#243;n shares their implicit trade value incorporated in the trade market value of the Class&nbsp;B shares of Grupo Clar&#237;n S.A. (CVH&#146;s predecessor) as parent company of Cablevisi&#243;n. Schedule III hereto explains the methodology of calculation of the Exchange Rate.</font></p>
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<p style="margin:0in 0in .0001pt 31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Exchange Ratio was considered fair from a financial standpoint, as of the date of the applicable opinion and in accordance to its terms, by two professional appraisers not related to any of the companies involved. For such purpose, Telecom Argentina hired JP Morgan Securities LLC and Cablevisi&#243;n hired LionTree Advisors LLC, two first tier international firms with expertise in merger transactions and a high specialization in the TIC Services (the &#147;<u>Independent Appraisers</u>&#148;), each of whom issued its respective Fairness Opinion on the Exchange Ratio for its consideration by Telecom Argentina&#146;s Board of Directors, with respect to JP Morgan Securities LLC, and by Cablevisi&#243;n&#146;s Board of Directors, with respect to LionTree Advisors LLC.</font></p>
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<p style="margin:0in 0in .0001pt 31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of issuing their Fairness Opinions on the Exchange Ratio, the Independent Appraisers respectively applied the valuation methods that each of them generally applies in procedures similar to this, including, among others, the methods mentioned in a) to c) above.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 31.5pt;text-indent:4.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Allocation of Shares by Exchange Ratio</u>. Pursuant to the Exchange Ratio, the Parties have agreed to propose to their shareholders that the New Shares to be issued by Telecom Argentina be allocated to the holders of shares of common stock of Cablevisi&#243;n as follows:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Fintech Media: pursuant to the Exchange Ratio, Fintech Media should receive 169,900,857.70 shares, as a result of which the Parties have proposed that Fintech Media receive 169,900,858 New Class&nbsp;A Shares of Telecom Argentina in exchange for 17,212 Class&nbsp;B shares issued by Cablevisi&#243;n and held by Fintech Media;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CVH: pursuant to the Exchange Ratio, CVH should receive 406,757,183.55 shares, as a result of which the Parties have proposed that CVH receive 406,757,183 New Shares Class&nbsp;D in exchange for 41,207 shares (34,425 Class&nbsp;A Shares of CV and 6,782 Class&nbsp;B Shares of CV) issued by Cablevisi&#243;n and held by CVH;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>VLG: pursuant to the Exchange Ratio, VLG should receive 607,870,364.75 shares, as a result of which the Parties have proposed that VLG receive 607,870,365 New Shares in exchange for 61,581 Class&nbsp;A Shares issued by Cablevisi&#243;n and held by VLG. Such New Shares of common stock issued by Telecom Argentina shall be divided between New Class&nbsp;A Shares and New Class&nbsp;D Shares and delivered to VLG <i>pro rata</i> Fintech Media and CVH&#146;s shareholdings in VLG as of the Merger Effective Date.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 31.5pt;text-indent:4.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Exchange Ratio Adjustments</u>. (a)&nbsp;The Parties have agreed to allow both Telecom Argentina and Cablevisi&#243;n to distribute cash dividends to their respective shareholders prior to the Merger Effective Date, in which case any one or more cash distributions made as from the date of this Agreement and before the Merger Effective Date shall cause an adjustment of the Exchange Ratio pursuant to the following terms: (i)&nbsp;for purposes of calculating any Exchange Ratio adjustments, the following prices per share proportional to the Exchange Ratio shall be used as a reference: US$ 5.1591 per each outstanding share of Telecom Argentina and US$ 50,925.93 per each outstanding share of Cablevisi&#243;n; (ii)&nbsp;the above mentioned United States dollars per share reference value to be taken into account to calculate the adjustments to the Exchange Ratio of the Company that makes a dividend </p>
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<p style="margin:0in 0in .0001pt 31.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">distribution shall be reduced in an amount equal to the United States dollars per share amount corresponding to the dividend paid, and the Exchange Ratio shall be calculated again taking into account such lower reference value per share of the company that has made the dividend distribution. If the dividends are paid in Argentine pesos, the United States dollar&#146;s value of such dividend shall be calculated taking into account the wholesale exchange rate pursuant to Communication A-3500 of the Argentine Central Bank published for the closing of the business day immediately prior to the date on which the applicable dividend has been made available in Argentina; (b)&nbsp;if any extraordinary event that significantly alters the ordinary course of business of one or both companies before the Merger Effective Date occurs, the Parties shall acknowledge such event and its effects and shall agree on the Exchange Ratio&#146;s adjustments that may correspond, (c)&nbsp;no provisional or regular dividend distribution that may be made by Nortel Inversora S.A. or Sofora Telecomunicaciones S.A. before their merger by absorption into Telecom Argentina, even if those distributions made by Nortel Inversora S.A. or Sofora Telecomunicaciones S.A. are thereafter consented by Telecom Argentina, shall be considered the cause for an Exchange Ratio adjustment, (d)&nbsp;none of the following shall be considered the cause for an Exchange Ratio adjustment (i)&nbsp;payment of the second installment of the dividends approved by an ordinary annual and extraordinary shareholders meeting of Cablevisi&#243;n held on March&nbsp;30, 2017 for an amount of up to US$ 50,000,000 (United States dollars fifty million), which shall be paid following the date hereof; and (ii)&nbsp;an amount of up to US$ 50,000,000 as dividends that Telecom Argentina may approve and pay at any time before the Merger Effective Date.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Six</font></u>. Capital Increase of Telecom Argentina.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a result of the Merger and pursuant to the proposed Exchange Ratio, Telecom Argentina shall make a capital increase of Argentine pesos one thousand one hundred eighty four million five hundred twenty eight thousand four hundred six (AR$ 1,184,528,406) and shall issue an aggregate amount of 1,184,528,406&#160; New Shares on the Merger Effective Date. As a result, following the Merger Effective Date the capital stock of Telecom Argentina shall be AR$ 2,168,909,384 or the amount resulting from any Exchange Ratio adjustments that may correspond.-</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Seven</font></u>.&#160; Merger Effective Date and conditions precedent.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Merger shall be effective at 12 AM of the date on which the Presidents of the Boards of Directors of the Parties (hereinafter, the &#147;<u>Merger Effective Date</u>&#148;) execute a minute reflecting the transfer of operations, in which the following is recorded in writing: (i)&nbsp;Telecom Argentina has set up its technical-operational systems to assume&#160; Cablevisi&#243;n&#146;s operations and activities; and (ii)&nbsp;as of the Merger Effective Date the transfer of all operations and activities of the Merged Company into </font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina is perfected because the following conditions, to which the Merger is subject, have been fulfilled:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 117.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Final Merger Agreement has been executed; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 117.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the ENACOM Authorization has been obtained.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">As from the Merger Effective Date,</font> Telecom Argentina shall continue with the Merged Company&#146;s operations, causing the applicable operative, accounting and tax effects. As of such date, all assets and liabilities of Cablevisi&#243;n, as Merged Company, including recordable assets, rights and obligations, shall be incorporated into Telecom Argentina, as Surviving Company and successor.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Eight</font></u>.&#160; Reasons and Purposes of the Merger.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Section&nbsp;83, Subsection 1), paragraph a), of the CGL, the Parties hereby declare that the Merger agreed upon in this Agreement is made for the purpose of allowing the Parties to offer Convergence Products pursuant to applicable law in an efficient way and as rapidly as possible.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Nine</font></u>. Accounting Documents. Merger&#146;s Special Individual Financial Statements and Merger&#146;s Special Consolidated Financial Statements.</b><b> Parties&#146; Representations.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The following documents constitute a part of this Agreement: (i)&nbsp;the Merger&#146;s Special Individual Financial Statements of Telecom Argentina and Cablevisi&#243;n as of March&nbsp;31, 2017, attached hereto as Schedules I (A)&nbsp;and I (B), respectively; (ii)&nbsp;the Merger&#146;s Special Consolidated Financial Statements as of March&nbsp;31, 2017, attached hereto as Schedule II; (iii)&nbsp;the methodology by which the Exchange Ratios were calculated, attached hereto as Schedule III; (iv)&nbsp;Form&nbsp;of Amended Bylaws of Telecom Argentina attached as Schedule IV; and (v)&nbsp;List of Transactions with Cablevisi&#243;n&#146;s Related Parties (Schedule V). The accounting documents referred to in Schedules I (A)&nbsp;and I (B), and II were prepared by the Parties&#146; managers on uniform bases and identical valuation criteria, executed by their respective legal representatives, with reports from their respective Supervisory Committees, and certified by a Certified Public Accountant. In particular, the Merger&#146;s Special Individual Financial Statements of Telecom Argentina and Cablevisi&#243;n as of March&nbsp;31, 2017 are certified by Independent External Auditors, pursuant to the applicable auditing rules. The Merger&#146;s Special Consolidated Financial Statements as of March&nbsp;31, 2017 are certified by Independent External Auditors, as required by the Argentine Securities Commission. All Schedules shall be made available to the shareholders and, in turn, the financial statements shall be copied in the applicable corporate books.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cablevisi&#243;n hereby represents to Telecom Argentina as of the date of this Preliminary Merger Agreement:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The capital stock of Cablevisi&#243;n is Argentine pesos 1,200,000,000, consisting of 96,006 Class&nbsp;A shares with a par value of ten thousand Argentine pesos and one vote per share and 23,994 Class&nbsp;B shares with a par value of ten thousand Argentine pesos and one vote per share. All such shares are fully subscribed and paid, and are not subject to any lien; there are no irrevocable contributions for the future subscription of shares which capitalization is pending, there are no options, warrants, securities convertible or exchangeable into shares nor any other rights of third parties to claim the issuance of new shares of any class of Cablevisi&#243;n;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cablevisi&#243;n is a corporation (&#147;sociedad an&#243;nima&#148;) duly organized and registered before the Office of Corporations (&#147;Inspecci&#243;n General de Justicia&#148;) and has the corporate power to execute this Preliminary Merger Agreement and to carry out the Merger in accordance with the terms provided for in this Preliminary Merger Agreement; the execution of this Preliminary Merger Agreement has been approved by the Board of Directors of Cablevisi&#243;n at its meeting held on June&nbsp;30, 2017;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Merger&#146;s Special Individual Financial Statements of Cablevisi&#243;n as of March&nbsp;31, 2017 reasonably reflect the economic and financial position of Cablevisi&#243;n and have been audited by Price Waterhouse&nbsp;&amp; Co. As from the date of these financial statements, no events have occurred which may have caused a material adverse effect in the economic and financial position of Cablevisi&#243;n or in the results of its operations; there are no material liabilities that should have and have not been reflected in such financial statements or that are not properly provisioned in accordance with the applicable accounting rules;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the public information filed by Cablevisi&#243;n before the National Securities Commission at the Internet site of such Commission does not contain any untrue statement of a material fact or omits to state any material fact necessary to make such information, in light of the circumstances in which it was filed, not misleading;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">e.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>except for the transactions described in the quarterly financial statements of Cablevisi&#243;n as of March&nbsp;31, 2017 and in Schedule V to this Agreement, there are no other related party agreements that may be transferred to Telecom Argentina as a result of the Merger.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">f.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>has received a Fairness Opinion from LionTree Advisors LLC, which considers that the Exchange Ratio is fair.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Telecom Argentina hereby represents to Cablevisi&#243;n as of the date of this Preliminary Merger Agreement:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The capital stock of Telecom Argentina is AR$ 984,380,978, consisting of 502,034,299 Class&nbsp;A Shares with a par value of one Argentine peso and one vote per share; 482,111,931 Class&nbsp;B Shares with a par value of one Argentine peso and one vote per share; and 234,748 Class&nbsp;C Shares with a par value of one Argentine peso and one vote per share. Out of the aggregate of shares representing Telecom Argentina&#146;s capital stock, 15,221,373 Class&nbsp;B Shares have been repurchased by Telecom Argentina and are held as treasury stock, as a result of which the number of outstanding shares on which the calculation of the Exchange Ratio has been made amounts to 969,159,605. All such shares are fully subscribed and paid, and are not subject to any lien; there are no irrevocable contributions for the future subscription of shares which capitalization is pending, there are no options, warrants, securities convertible or exchangeable into shares nor any other rights of third parties to claim the issuance of new shares of any class of Telecom Argentina;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Telecom Argentina is a corporation (&#147;sociedad an&#243;nima&#148;) duly organized and registered before the Office of Corporations (&#147;Inspecci&#243;n General de Justicia&#148;) and has the corporate power to execute this Preliminary Merger Agreement and to carry out the Merger in accordance with the terms provided for in this Preliminary Merger Agreement; the execution of this Preliminary Merger Agreement has been approved by the Board of Directors of Telecom Argentina at its meeting held on June&nbsp;30, 2017;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Merger&#146;s Special Individual Financial Statements of Telecom Argentina as of March&nbsp;31, 2017 reasonably reflect the economic and financial position of Telecom Argentina and have been audited by Price Waterhouse&nbsp;&amp; Co. As from the date of these financial statements, no events have occurred which may have caused a material adverse effect in the economic and financial position of Cablevisi&#243;n or in the results of its operations; there are no material liabilities that should have and have not been reflected in such financial statements or that is not properly provisioned in accordance with the applicable accounting rules;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the public information filed by Telecom Argentina before the National Securities Commission at the Internet site of such Commission does not contain any untrue statement of a material fact or omits to state any material fact necessary to make such information, in light of the circumstances in which it was filed, not misleading;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">e.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>except for the transactions described in the quarterly financial statements as of March&nbsp;31, 2017 there are no other agreements with related parties of Telecom Argentina.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">f.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>has received a Fairness Opinion from JP Morgan Securities LLC, which considers that the Exchange Ratio is fair.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Ten</font></u></b><b>. Bylaws Amendment.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a result of the Merger, Telecom Argentina shall adjust and amend its Bylaws in accordance with the form attached hereto as Schedule IV. Consideration of such amendment by Telecom Argentina&#146;s shareholders shall be a special part of the Agenda to be discussed at the Extraordinary Shareholders Meeting to be called for the consideration of this Agreement and shall become effective only as from the Merger Effective Date.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Eleven</font></u></b><b>. Opposition Rights. Final Merger Agreement.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Once this Agreement and the other Merger documentation has been approved by the respective shareholders meetings of both Parties, and the Notice has been published and the applicable waiting periods relating to the creditors&#146; Opposition Rights have expired, the applicable Final Merger Agreement shall be executed by public deed. Pursuant to Decree 267/15, the Final Merger Agreement may be executed subject to the applicable ENACOM authorizations. In addition, the identifying data of the real estate, vehicles and other registrable assets that require identification as a result of the Merger, shall be included in the same public deed, as a result of the Merger, shall be incorporated to the Surviving Company.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;12</font></u></b><b>. Corporate Authorizations. Rescisi&#243;n.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Parties hereby represent that the terms of this Agreement, as well as all the documents attached hereto as schedules, have been approved by a Board resolution of each of the Parties.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n hereby agrees to call its Extraordinary Shareholders Meeting and Telecom hereby agrees to call its Ordinary and Extraordinary Shareholders Meeting within the applicable legal periods, to be held on the same day, for purposes of considering the Merger and all its relating documents pursuant to applicable law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Parties may propose and accept amendments to the terms of the Preliminary Merger Agreement until the applicable corporate authorization is obtained. If despite the proposed amendments, approval of the Merger is not obtained by both of the shareholders meetings within six (6)&nbsp;months of the date hereof, any of the Parties may unilaterally terminate this Preliminary Merger Agreement. Termination of this agreement may also be requested pursuant to Section&nbsp;87 of the CGL.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Thirteen</font></u></b><b><font style="font-weight:bold;">. </font>Business Management and Warranties for Compliance with an Ordinary Administration.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Business Limitations. The Parties hereby agree to continue with their ordinary course of business and the ordinary course of their operations and not to become involved in any extraordinay operations or activities that may affect the valuation of the companies or the pre-established Exchange Ratio. The Companies may: (i)&nbsp;distribute cash dividends, both provisional and/or definitive, before the Merger Effective Date, (ii)&nbsp;issue notes (&#147;obligaciones negociables&#148;) with or without a public offering, and obtain bank loans from local or international financial markets as long as the borrower&#146;s aggregate level of financial net liabilities is not higher than three (3)&nbsp;times the company&#146;s EBITDA level of the twelve month period immediately prior to the date of determination.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As from the Merger Effective Date, the management and representation of Cablevisi&#243;n shall be in charge of the managers and representatives of Telecom Argentina pursuant to the terms of Section&nbsp;84 of the CGL and Telecom Argentina&#146;s bylaws. The Parties shall indicate which officers shall perform all the acts and execute the documents that might be necessary to perform or execute in the name of the Merged Company.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Warranties. The Parties agree on the following warranties for complying with a normal management activity until the Merger Effective Date:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Supervisory Committee</u>. The Parties hereby agree to organize a Supervisory Committee with eight (8)&nbsp;members, four (4)&nbsp;appointed by Telecom Argentina and four (4)&nbsp;appointed by Cablevisi&#243;n, who shall be in charge of supervising the companies&#146; activities in order to ensure compliance with the ordinary course of business and the ordinary course of operations of each company as well as compliance with the contractual conditions with their respective related parties. The members of such committee shall maintain the confidentiality of any information of any of the companies to which they may gain access, and shall only inform the companies&#146; respective board of directors of any situations detected by them that may affect the ordinary course of business and the ordinary course of operations or the Exchange Ratio.&#160; In addition, the members of such Committee shall request any information that may be necessary to prepare Form&nbsp;F-1 to be filed before the National Antitrust Commission (&#147;Comisi&#243;n Nacional de Defensa de la Competencia&#148;) pursuant to applicable law.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Related Party Transactions</font></u>. The Parties hereby agree that any transaction they may enter into or agree to enter into with their respective related parties shall be based on two parameters: (i)&nbsp;that such transaction be convenient for the applicable company; and (ii)&nbsp;that it is made on &#147;market&#148; terms. For purposes of determining if a transaction is made on &#147;market terms&#148; or not, the following shall be </p>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">considered: (1)&nbsp;if its terms are at least as favorable for the company as they are favorable for the rest of the non related counterparties of the related party in the same subject; (2)&nbsp;if its terms are at least as favorable for the company as the terms offered by any other provider similar or reasonably comparable to the applicable related party; (3)&nbsp;the existing &#147;market&#148; parameters, if any, published by chambers of</font> commerce or specialized publications; and (4)&nbsp;the determination made by an independent expert appointed by the company&#146;s representatives, in case they consider it necessary.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Fourteen</font></u>. Regulatory Authorizations. Administrative Authorizations and Approvals by Securities Exchanges and Markets.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Parties hereby agree to submit as soon as possible, and in any case in compliance with applicable deadlines, all the requests for authorizations that may be necessary for purposes of furthering and perfecting the Merger, before regulatory and administrative authorities and Argentine and foreign securities Exchanges, including the Argentine Securities Commission, the Buenos Aires Stock Exchange, the BYMA, the ENACOM, the United States Securities and Exchange Commission, the New York Stock Exchange, the National Antitrust Commission and any other governmental or other kind of entity as may be necessary.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Fifteen</font></u></b><b>. Other Agreements.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Technical Assistance Agreement</u>. Cablevisi&#243;n agrees to terminate the Technical Assistance Agreement before the Merger Effective Date in such a way that as of the Merger Effective Date no pending payment obligations nor responsibilities or adverse consequences exist for Cablevisi&#243;n that may be transferred to Telecom Argentina as a result of the Merger.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Restrictions to the Distribution of Dividends</u>. (a)&nbsp;Cablevisi&#243;n agrees to call, as soon as possible following the Extraordinary Shareholders Meetings of Telecom Argentina and Cablevisi&#243;n, a meeting of holders of Cablevisi&#243;n Notes in order to subject to their consideration the amendment of the contractual restrictions set forth in the terms and conditions of issuance of Cablevisi&#243;n&#146;s notes, so that, if such amendment is approved, the above mentioned restrictions: (i)&nbsp;are not transferred to Telecom Argentina with respect to the distribution of the aggregate realized and liquid profits of Telecom Argentina earned or existing before the Merger Effective Date, and (ii)&nbsp;following the Merger Effective Date, are applicable to Telecom Argentina solely in the same terms as those existing in the financial obligations of Telecom Argentina; (b)&nbsp;Cablevisi&#243;n agrees not to assume any contractual restriction to the distribution of dividends additional to the existing restrictions, that may be transferred to Telecom Argentina as a result of the Merger.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Regulatory Aspects</u>.&#160; Taking into account the temporary restriction imposed on Telecom Argentina to provide the Television Subscription Services by Physical Link and/or Radio Electrical Link, the Merger Effective Date is subject, among other conditions, to obtaining the ENACOM Authorization, which is the Regulatory Authority in charge of ensuring compliance with Decree No.&nbsp;267/2015 and 1340/2016, and the Parties hereby agree to make their best efforts to obtain such authorization.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Sixteen</font></u>. Applicable Law and Jurisdiction.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Preliminary Merger Agreement is governed by Argentine laws. Any conflicts arising from the interpretation or performance of this Agreement shall be submitted to the jurisdiction of the Ordinary Commercial Courts of the City of Buenos Aires and the Parties hereby expressly waive any other jurisdiction.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the Parties execute six (6)&nbsp;counterparts to the same and only effect, one for each of the Parties and the other four (4)&nbsp;for their submittal before the Argentine Securities Commission, the Buenos Aires Stock Exchange, the National Antitrust Commission and the ENACOM, respectively.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">By Telecom Argentina S.A.</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mariano M. Ib&#225;&#241;ez - President</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">By Cablevisi&#243;n S.A.</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULES TO THE PRELIMINARY MERGER AGREEMENT:</font></u></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedules I (A)&nbsp;and I (B)</font></u>: Merger&#146;s Special Individual Financial Statements of Telecom Argentina and Cablevisi&#243;n as of March&nbsp;31, 2017.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedules II:</font></u> Merger&#146;s Special Consolidated Financial Statements as of as of March&nbsp;31, 2017.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule III:</font></u> Methodology of calculation of the Exchange Ratio.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Schedule</font> I</font></u><u>V</u>: Form&nbsp;of Amended Bylaws of Telecom Argentina.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Schedule</font> V</font></u>: List of Transactions with Cablevisi&#243;n&#146;s Related Parties.</p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule I (A)</font></u></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Merger&#146;s Special Individual Financial Statements of Telecom Argentina</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as of March&nbsp;31, 2017</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">19<a name="PB_19_185103_141"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule I (B)</font></u>:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Merger&#146;s Special Individual Financial Statements of Cablevisi&#243;n</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as of March&nbsp;31, 2017</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">20<a name="PB_20_185114_7608"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule II:</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Merger&#146;s Special Consolidated Financial Statements as of as of March&nbsp;31, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">21<a name="PB_21_185122_8146"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule III:</font></u> Methodology of calculation of the Exchange Ratio</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares of Telecom Argentina S.A.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">969,159,605</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholding of   T. Argentina combined</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New shares total</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,153,688,011</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares to be   delivered to Cablevisi&#243;n S.A.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,184,528,406</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares of   Cablevisi&#243;n</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">120,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exchange   ratio: shares of Telecom Argentina per each share of Cablevisi&#243;n</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9,871.07005</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference Value   of Telecom Argentina S.A. (USD)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,000,000,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of Shares   of Telecom Argentina S.A.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">969,159,605</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference Value   per share of Telecom (2)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.16</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference Value   of Cablevisi&#243;n S.A. (USD)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,111,111,111</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of Shares   of Cablevisi&#243;n S.A.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">120,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference Value   per share of Cablevisi&#243;n S.A. (2)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50,925.93</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;Does not include 15,221,373 of treasury stock. </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;Determined for the sole purpose of adjusting the exchange ratio.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">22<a name="PB_22_185224_455"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule I</font></u><u>V</u>: Form&nbsp;of Amended Bylaws of Telecom Argentina</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">23<a name="PB_23_185228_4141"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule V</font></u>: List of Transactions with Cablevisi&#243;n&#146;s Related Parties</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">24<a name="PB_24_185236_8627"></a></p>
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<TYPE>EX-99.31
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<DESCRIPTION>EX-99.31
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 31</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:4.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market Cap.: P$82.7 billion</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:4.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;30, 2017</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Contacts:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pedro Insussarry</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Solange Barthe Dennin</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5411) 4968 3743/3752</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Telecom Argentina and Cablevisi&#243;n</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">announce that they have entered into a Preliminary Merger Agreement that will allow them to become a leading provider of convergent telecommunications solutions that will fulfill the digital life of their customers</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Buenos Aires, June&nbsp;30, 2017</font></i></b><b> - Telecom Argentina S.A. (NYSE: TEO, BASE: TECO2), (&#147;Telecom Argentina&#148;), a leading mobile and fixed telecommunications company in Argentina, as well as in Paraguay for mobile telecommunications, and Cablevisi&#243;n S.A. (&#147;Cablevisi&#243;n&#148;) the leading paid TV provider and leader in the broadband market in Argentina and the second largest paid TV provider in Uruguay (in conjunction &#147;the Companies&#148;) today announced a plan to merge their respective corporate structures and operations with the aim of creating a leading provider of convergent telecommunications services and to participate in the opening of the telecommunications sector that, according to Argentine regulations, is expected to occur beginning in January&nbsp;2018.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Today the Boards of Directors of the Companies approved a Preliminary Merger Agreement. The proposed transaction follows a worldwide convergent trend towards combining the provision of fixed and mobile telecommunications services, distribution of video and internet, known as &#147;quadruple play&#148;. The transaction will allow the combined company to become a leader in convergent solutions that will fulfill its customers&#146; digital life and facilitate the digital operations of enterprises and corporations. The combination of the two Companies will strengthen their investment in modern, mobile technology infrastructure as well as the build out of a high speed fiber optic network.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Currently, the domestic and international telecommunications sectors are experiencing a trend of technological convergence of networks and platforms for the provision to customers of integrated solutions of voice, data, sound and images transmission services, through both fixed and wireless networks (the &#147;Convergent Products&#148;).</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The Companies have considered that their respective operating and technical structures are highly complementary and could be strengthened through a corporate integration, achieving synergies in the development of Convergent Products that will bring significant benefits to consumers, the sector and the economy in general. Moreover, the investment plans of the combined Company will allow to accelerate the development and strengthening of their networks in terms of capacity, speed, quality and diversity of services.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The Companies consider that the structural consolidation can be achieved by means of a corporate merger process pursuant to Argentine General Corporate Law.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">1<a name="PB_1_013618_6815"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The merger agreement reached between the Companies provides that once the required regulatory authorizations have been obtained and the corresponding corporate process has been complied with, Cablevisi&#243;n will be merged into Telecom Argentina, which will be the surviving entity. As a result of the merger, Telecom Argentina will increase its equity and its capital stock and will issue as consideration 1,184,528,406 ordinary book-entry shares of its common stock, with nominal value of ARS $1 and entitled to one vote per share, to be delivered to Cablevisi&#243;n&#146;s shareholders according to the established Distribution Ratio.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The Distribution Ratio approved by the Board of Directors of the Companies is 9,871.07005 shares of Telecom Argentina per share of Cablevisi&#243;n, which implies that Cablevisi&#243;n Holding S.A., the controlling shareholder of Cablevisi&#243;n, and Fintech Media LLC, its minority shareholder will receive a direct and indirect total participation in Telecom Argentina (whose main indirect shareholder is Fintech Telecom LLC) equivalent to 55% of the combined company&#146;s total outstanding capital after considering the aforementioned capital stock increase. The current shareholders of Telecom Argentina will retain the remaining 45% of the capital stock of the combined Company as a result of the merger.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The transaction is subject to the approval of the shareholders of each of the Companies at their respective shareholders&#146; meetings and by the relevant regulatory authorities.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The CEO of Telecom Argentina, German Vidal highlighted: &#147;We are proud to create the leading company in convergent solutions that will fulfill the digital life of people and facilitate the digital operations of enterprises and corporations. At the same time, this transaction will allow us to develop a business model that will accelerate the market transformation towards quadruple play&#148;. Moreover, Mr.&nbsp;Vidal added that &#147;the merger of the Companies will create a company with international standards in quality of service and access to state-of-the-art technology, geared towards a strategy designed for the market and the needs of local consumers&#148;.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Telecom Argentina has engaged J.P. Morgan Securities LLC as the exclusive financial advisor for this transaction.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Any further request for information and/or any questions related to Telecom Argentina should be directed to the following persons:</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Solange Barthe Dennin</font></b></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Luis F. Rial Ubago</font></b></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Antonella Papaleo</font></b></p>    </td>   </tr>
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<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(5411) 4968 3752</font></b></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(5411) 4968 3718</font></b></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(5411) 4968 6236</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tel: (5411) 4968 3628</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Fax: (5411) 4968 3616</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">E-mail: relinver@ta.telecom.com.ar</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">* * * * *</font></b></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_013645_7056"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom is the parent company of a leading telecommunications group in Argentina, where it offers, either 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&nbsp;8, 1990, upon the Argentine government&#146;s transfer of the telecommunications system in the northern region of Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="325" height="243" src="g160471moi001.jpg"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nortel Inversora S.A. (&#147;Nortel&#148;), which acquired the majority of the Company from the Argentine government, holds 54.74% of Telecom&#146;s common stock </font>or 55,60% of the total outstanding shares. Nortel is a holding company whose common stock (approximately 78% of capital stock) is owned by Sofora Telecomunicaciones S.A. Additionally, Nortel capital stock comprised of preferred shares that are held by minority shareholders.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of June&nbsp;30, 2017</font>, Telecom continued to have 984,380,978 shares issued and 969,159,605 shares outstanding.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pedro Insussarry</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Solange Barthe Dennin</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Luis F. Rial Ubago</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Antonella Papaleo</font></p>    </td>   </tr>
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<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5411) 4968 3743</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5411) 4968 3752</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5411) 4968 3718</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5411) 4968 6236</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voice Mail: (5411) 4968 3628</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax: (5411) 4968 3616</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-mail: relinver@ta.telecom.com.ar</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For information about Telecom Group services, visit:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">www.telecom.com.ar</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">www.personal.com.ar</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">www.personal.com.py</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">www.arnet.com.ar</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disclaimer</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This document may contain statements that could constitute forward-looking statements, including, but not limited to, the Company&#146;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&#146;s future financial performance. Forward-looking statements may be identified by words such as &#147;believes,&#148; &#147;expects,&#148; &#147;anticipates,&#148; &#147;projects,&#148; &#147;intends,&#148; &#147;should,&#148; &#147;seeks,&#148; &#147;estimates,&#148; &#147;future&#148; or other similar expressions. Forward-looking statements involve risks and uncertainties that could significantly affect the Company&#146;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&#146;s Convertibility law, devaluation of the peso, various changes in restrictions on the ability to exchange pesos into foreign currencies,&#160; and currency transfer policy generally, the &#147;pesification&#148; 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&#146;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&#146;s business or to reflect the occurrence of unanticipated events. Readers are encouraged to consult the Company&#146;s Annual Report on Form&nbsp;20-F, as well as periodic filings made on Form&nbsp;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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mariano Marcelo Ib&#225;&#241;ez</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="PB_3_013900_5335"></a></p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
